Finnish retailer Stockmann reports Q1 FY21 sales of €156 mn

06 May '21

2 min read

Pic: Stockmann

Stockmann plc, a Finnish company engaged in retail trade, posted 7.1 per cent revenue decrease to €155.7 million in its first quarter (Q1) of fiscal 2021 ended on March 31, 2021, compared to the sales of €168.4 million in the same period previous fiscal. However, operating result (EBIT) for Q1 FY21 reported a loss of €13.2 million (Q1 FY20: €15.2 million).

“Stockmann Group improved its result compared to the previous year despite tightened Covid-19 restrictions. The rapidly changing operating environment and Covid-19 restrictions were the reason for the lower level of turnover than in the reference period. Cost adjustment measures and the strong growth of e-commerce compensated for the challenging situation,” Jari Latvanen, CEO at Stockmann, said in a press release.

“Both divisions showed a very strong digital growth in their own channels and Lindex additionally in collaborations with partners’ platforms. Lindex had better gross margin due to favourable currency effect together with successful stock handling and better intake margins. The Stockmann division’s online sales improved significantly and the major campaign Crazy Days in March Q1 and slightly exceeded last year,” Latvanen said.

The company’s gross margin was down to €23.7 million (€30.3 million), while net loss for Q1 FY21 was €29.5 million (€35.3 million).

Revenue of Lindex division were down 0.7 per cent to €98.7 million, with online sales rising 193.4 per cent during the first quarter. While Stockmann divison's revenue fell 17.4 per cent to €56.9 million, with online sales rising 52.7 per cent.

Fibre2Fashion News Desk (JL)

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