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Stockmann reports Q2 FY20 revenue of €183 mn
25 Jul 20 2 min read
Stockmann plc, a company engaged in retail trade, reported 23.2 per cent revenue decrease to €182.7 million in its second quarter (Q2) FY20 ended on June 30, 2020 compared to sales of €242.3 million in same period last year. Operating result (EBIT) for the quarter reported a loss of €3.1 million compared to EBIT of €10.2 million in Q2 FY19.
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“In terms of revenue, we performed better than expected in March–June, especially in home and beauty categories. The amount of capital tied up in stock is lower than a year ago in both divisions, and the company’s cash reserves has been significantly strengthened,” Jari Latvanen, CEO at Stockmann, said in a press release.
Company’s revenue in Finland fell 28.0 per cent to €60.6 million (Q2 FY19: €84.2 million). Revenue in the other countries were down 22.7 per cent to €122.1 million (€158.1 million). Gross profit for the quarter were €98.8 million (€142.0 million). Net financial expenses were €8.2 million (€13.6 million).
Lindex’s revenue for Q2 FY20 was down 20.7 per cent, to €122.1 million (€154.0). Lindex opened 3 stores and closed 3 stores during the second quarter. While the Stockmann division’s second quarter revenue decreased 31.4 per cent to €60.6 million (€88.3 million).
“The lifting of coronavirus restrictions has increased customer flows at the Stockmann department stores and Lindex stores since late May. The strong growth in the online sales of both Stockmann and Lindex continued in the second quarter. During the first half of the year, the Stockmann division launched around 50 new brands and delivered more online store orders than throughout the whole of last year, while the growth of Lindex’s online store was 102 per cent in the second quarter,” Latvanen said.
Fibre2Fashion News Desk (JL)
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