Home / Knowledge / News / Apparel/Garments / Stockmann Q1 net sales slip 7.6% to €395.6mn
Stockmann Q1 net sales slip 7.6% to €395.6mn
29
Apr '14
Stockmann plc, reports Interim results for January-March 2014. The Group's net sales amounted to 395.6 million euros (431.3 million euros), a decrease of 7.6 per cent, excluding discontinued operations, or the franchise down 4.6 percent at comparable exchange rates. Operating profit was EUR -43.9 million (EUR -34.6 million euros). Net income was EUR -40.1 million (EUR -36.5 million). Earnings per share were EUR -0.56 (EUR -0.51). 
 
Updated earnings forecast for 2014
The weak exchange rates and lower than expected Russian and Finnish markets consumer demand due to the Stockmann expects that the Group's euro-denominated revenue will fall in 2014 to 2013 year. Operating profit is not expected to exceed the 2013 level. 
 
Stockmann had previously estimated that the Group's net sales in local currencies would increase slightly in 2014. Increase in net sales was estimated to occur in the second half of the year. Operating profit is expected to be somewhat better than in 2013. President and CEO Hannu Penttilä, "The Russian ruble against the euro was at a historically low level during the first quarter of 2014. Russia's economy has stalled, and consumer purchasing power declined. Also in Finland, the retail market has remained weak. These factors clearly had a negative impact on the Stockmann Group's operations in the first quarter of the year. 
 
Department Store Division's revenue in rubles increased slightly, but a weak currency had a negative impact on Russian operations. Net sales and operating profit increased in the Baltic countries. In Finland, performance improved slightly towards the end of the reporting period. 
 
Reporting period, carried out in April after the Crazy Days campaign, developed in a similar manner. The campaign had a turnover close to the previous year's level in local currencies, but the euro-denominated revenue fell by 6 per cent. Net sales increased in the Baltic countries and Russia in rubles, but sales were down by Russia and Finland to strong sales of e-commerce developments notwithstanding.  
 
Muotiketjujemme different trend continued in the first quarter. Lindex's net sales increased in local currencies and the operating result improved slightly. Seppälä's earnings declined further, despite the store closures and other measures to reverse the outcome for the better.
 
Click here to view full results.
 

Stockmann Group


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search