Finnish retailer Stockmann's revenue rises to €198.5 mn in Q1 FY23

However, gross margin in Q1 FY23 fell to 56.4 per cent, down from 57.8 per cent, while the adjusted operating result increased by €1.3 million to minus €2.4 million, compared to minus €3.7 million in Q1 FY22. The operating result was minus €2.9 million, down from €9.8 million last year.

Furthermore, the net result rose to €19.5 million from €2.8 million in Q1 FY22. Earnings per share (undiluted) stood at €0.13, compared to €0.02 the previous year, while diluted earnings per share were €0.12, up from €0.02, the company said in a press release.

Stockmann Group's guidance for FY23 remains unchanged, with the company anticipating revenue to be between €960 million and €1.02 billion and the adjusted operating result to be €60 million to €80 million, subject to foreign exchange rate fluctuations.

“The Stockmann Group had a positive start to 2023. Both the Lindex division and the Stockmann division strengthened sales and profitability, although the macro-economic situation in our operating countries continued to be challenging. Our strengthened performance is a result of the excellent work of our dedicated employees, supported by the strong customer and brand loyalty enjoyed by Lindex and Stockmann. Both brands thrive and evolve thanks to carefully curated collections and services as well as our strong sustainability agenda and actions. We will continue driving forward our strategic priorities in multiple areas to accelerate growth in both divisions,” said CEO Jari Latvanen.

Fibre2Fashion News Desk (DP)