Stockmann Q3 FY20 revenue slips to €208 mn

04 Nov '20

2 min read

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Stockmann plc, a company engaged in retail trade, reported 6.8 per cent revenue decrease to €207.6 million in its third quarter (Q3) FY20 ended on September 30, 2020 compared to sales of €225.3 million in same period last year. However, operating result (EBIT) for the quarter rose to €11.7 million compared to EBIT of €2.1 million in Q3 FY19.

“Stockmann Group showed strong performance in both Lindex and Stockmann divisions as a result of enhanced sales activities as well as implemented cost efficiency measures. Under the current exceptional circumstances in the operating environment, Stockmann Group performed well during the period,” Jari Latvanen, CEO at Stockmann, said in a press release.

Gross margin during the reported quarter was 57.4 per cent (Q3 FY19: 56.4 per cent). Company’s result improved to €1.1 million compared to the loss of €18.2 million in Q3 FY19.

Revenue of Lindex for Q3 FY20 dropped marginally 1.1 per cent to €146.0 million (€147.6 million). Lindex continued its digital expansion and launched on Zalando. Stockmann Division’s revenue dipped 20.7 per cent to €61.6 million (€77.7 million).

“Visitor trends in the brick and mortar stores started to recover towards a normal level during the third-quarter until the changes resulting from the Covid-19 pandemic affected the business at the end of the period,” Latvanen said.

Fibre2Fashion News Desk (JL)

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