The Stockmann Group’s revenue amounted to EUR 158.2 million in November 2013. Excluding the terminated franchising operations in Russia and Finland, revenue was down 4.5 per cent on the previous year.

The Department Store Division’s revenue was down 5.2 per cent, if the terminated franchising operations are excluded. In Finland revenue was down 5.0 per cent with decline in department stores and Hobby Hall but growth in the Stockmann online store.

Euro-denominated revenue in international operations was down 5.7 per cent due to the weakened Russian rouble. Revenue was up in the Baltic countries and in local currency on a par with the previous year in Russia.

The Fashion Chain Division’s revenue was down 3.1 per cent; down 14.2 per cent in Finland and down 0.4 per cent in international operations. Lindex’s euro-denominated revenue was up 1.8 per cent despite the weakened Norwegian and Swedish currencies.

Revenue in local currencies was up 7.6 per cent with growth in all countries. Seppälä’s revenue was down 29.0 per cent, partly due to several closed stores during the past 12 months.

There are several actions under way to improve Seppälä’s weak performance, including closing of additional stores in Russia. Eveliina Melentjeff, earlier Lindex country manager for Finland and the Baltics, started as the CEO of Seppälä on 1 December 2013.

Stockmann