Finland’s Stockmann increases comparable sales in December
Finnish retail group Stockmann increased group sales to EUR 173.7 million in December, with retail sales under the Stockmann and Lindex brands up 1.6% to €146 million. This excludes the company’s Russian business, which will be transferred to the new owner of February 1st, 2016, and some branded product areas that were replaced by those of tenants.
In December, the group’s retail sales in the continuing product and market areas were boosted by Lindex, which grew by 7.2%, compared to the department store Stockmann, which fell by 5.6%.
The Stockmann Group’s sales for the full year 2015 amounted to EUR 1.6 billion, with sales excluding Russian retail operations, Seppälä, Hobby Hall, and the product areas the company has withdrawn from down by 1.3%.
Stockmann’s retail sales fell by 4% in the 12-month period, while Lindex grew by 3.3% showing growth in all the market areas.
Per Thelin, CEO of the retailer said: “In 2015, the Stockmann Group implemented its strategy determinedly and withdrew from several operations that were outside its core business. Stockmann will also withdraw from its retail business in Russia. In the future we will focus on retail under the Stockmann and Lindex brands, and our real estate operations. Although the full-year sales of our core business did not grow, the direction is the correct one.”
In 2015, Stockmann divested Seppälä and the Academic Bookstore, and it will complete the sale of its Russian department store operations to Reviva Holdings Limited on February 1st.
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