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

EU, Japan finalise Economic Partnership Agreement

Textiles | On 18th Dec 2017

EU, Japan finalise Economic Partnership Agreement

Building on the political agreement reached in principle during the...

WTO, ITC launch cotton portal to enhance transparency

Textiles | On 18th Dec 2017

WTO, ITC launch cotton portal to enhance transparency

The World Trade Organisation (WTO) and the International Trade Centre ...

India much behind China in containerised cargo capacity

Textiles | On 18th Dec 2017

India much behind China in containerised cargo capacity

India’s total containerised cargo capacity of 8.75 million...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Amiben Shroff
Shrujan

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.1%
No
13.8%
Skip
18.1%

Total Votes: 94

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.8%
No
29.8%
Skip
7.4%

Total Votes: 94

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
9.6%
Skip
3.2%

Total Votes: 94

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.9%
No
8.5%
Skip
9.6%

Total Votes: 94


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search