The decline was due to the challenging market environment and currency effects, mainly the Russian rouble, which weakened by almost 20 per cent compared to the euro. Revenue at comparable exchange rates was down 12.6 per cent.
The Department Store Division’s revenue was down 18.2 per cent, if the terminated Zara franchising operations are excluded. In addition to market conditions and the weakened rouble, changes in the loyal customer campaign affected revenue.
Revenue, excluding franchising, was down 18.2 per cent both in Finland and in international operations. Rouble-denominated revenue was also down in Russia.
The Fashion Chain Division’s revenue decreased by 9.1 per cent; down 14.4 per cent in Finland and down 7.9 per cent in international operations.
Lindex’s euro-denominated revenue decreased by 6.3 per cent or by 1.9 per cent at comparable exchange rates. Seppälä’s revenue was down 25.1 per cent and revenue declined in all countries.
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