Stockmann posts Q3 operating loss, names new CEO

HELSINKI, Finland - Finnish fashion and department store group Stockmann on Wednesday appointed a new chief executive after posting another quarterly loss due to slow demand in Finland and a weak Russian rouble.

Stockmann said the new CEO starting from Nov. 10, taking over after Hannu Penttila who is resigning, will be Per Thelin, a Swede who has previously worked as the head of Inflight Service Group as well as Venue Retail Group.

Third-quarter operating loss was 15 million euros ($19 million), compared to a profit of 11 million a year earlier.

Stockmann repeated it expected its full-year core operating profit to be negative. For the first nine months of the year, the company booked an operating loss of 55 million euros.

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