Finland's Stockmann expects profit from 2016

Finnish fashion and department store chain Stockmann forecast on Thursday that it would make a small underlying operating profit this year following divestments of loss-making operations.

Stockmann, which pulled out of the Russian market last year, reported its fourth-quarter adjusted operating profit at 18.5 million euros ($20.6 million), up from 11 million euros a year earlier but missing analysts' average forecast of 24 million euros in a Reuters poll.

The full-year result was a loss of 28.5 million euros.

Stockmann said it expects its sales to fall in 2016 due to the restructuring, but the core operating profit to be slightly positive, while in the first quarter, the result is expected to be significantly negative on seasonal reasons.

$1 = 0.8975 euros