Finnish retailer Stockmann FY20 sales drop 17% to €791 mn

08 Mar '21

2 min read

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Stockmann plc, a Finnish company engaged in retail trade, has reported 16.9 per cent revenue decrease to €790.7 million in its full fiscal 2020 that ended on December 31, 2020 compared to the sales of €960.4 million in the previous fiscal. However, operating result (EBIT) for the year was a loss making to €252.4 million (FY19: €2.1 million).

“Stockmann updated its strategy to meet the changes in the operating environment and at the same time integrated the corporate social responsibility (CSR) strategy into its business strategy and operations. The group continued to develop both the brick-and-mortar stores and e-commerce with a focus on the omni-channel customer experience,” Jari Latvanen, CEO at Stockmann, said in a press release.

“Lindex expanded its digital global presence on third-party platforms and opened an e-com site in the Chinese market with its baby clothing assortment on T-mall, one of the world’s largest e-commerce platforms. E-com share of total revenue increased from 6.3 - 16.0 per cent,” Latvanen said.

Company’s result for the year registered a loss of €291.6 million (€45.6 million).

Revenue of Lindex for FY20 dropped 11.9 per cent to €507.1 million, with online sales rising 102.6 per cent. While Stockmann segment’s revenue were down 26.2 per cent to €283.6 million (€384.7), however online sales increased 102.6 per cent during FY20.

“In 2021 Lindex will continue to develop globally strong brand offerings, its transformation to a sustainable business model and to a global, digital first multi-channel business,” Latvanen said. “In 2021 Stockmann will concentrate its efforts on achieving the targets of the restructuring programme approved by the Helsinki District Court on 9 February 2021.”

Fibre2Fashion News Desk (JL)

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