Finland-based international retail conglomerate Stockmann Group has reported a 3.2 per cent decrease in its first half (H1) fiscal 2023 (FY23) revenue to €450.4 million, compared to €465.1 million for the same period last year. The decrease was, however, a 2 per cent increase when considering local currencies.

The Lindex division's revenue shrunk to €302.7 million from €322 million, while the Stockmann division's revenue witnessed a 3.2 per cent increase to €147.8 million.

The gross margin for the group stood at 58.5 per cent, slightly down from the previous year's 58.7 per cent. The adjusted operating result also fell to €29.2 million from €31.6 million. This was despite an increase in local currencies, the company said in a press release.

For the Lindex division, the adjusted operating result decreased to €41.8 million from €44.5 million, but showed growth in local currencies. Meanwhile, the Stockmann division reported an adjusted operating result of €minus 10.5 million, compared to the previous year's €minus 8.8 million.

The operating result for H1 FY23 was €27.3 million, a significant decrease from €124.3 million in the previous year. The net result for the period was €33.3 million, compared to €83.4 million in the previous year. Earnings per share were €0.21, down from €0.54 in H1 FY22.

In the second quarter (Q2) of FY23, the Group's revenue was €252 million, a decrease of 6.3 per cent from €269 million in Q2 FY22. The gross margin, however, improved to 60.1 per cent from 59.4 per cent. The adjusted operating result was €31.6 million, down from €35.4 million, but remained on par in local currencies. The net result for Q2 was €13.8 million, a significant decrease from €80.7 million in the same period last year. Earnings per share for the quarter stood at €0.09, compared to €0.52 in Q2 FY22.

Fibre2Fashion News Desk (DP)

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