Estonia, EU – Baltic States, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Friday, 23.08.2019, 02:05

Finnish retailer Stockmann posts EUR 11.2 mln operating loss for H1

BC, Tallinn, 12.08.2019.Print version
The consolidated revenue of the Finnish department store operator Stockmann for the first half-year declined 5.5% to 449.5 mln euros, while the 2.7-mln-euro operating profit turned into an operating loss of 11.2 mln euros, Stockmann told the stock exchange.

The group's consolidated revenue for the second quarter fell 12.1% to 242.3 mln euros and the operating result decreased year on year from 29.6 mln euros to 10.2 mln euros.

The group's revenue in the Baltics declined 7.3% on year to 39.2 mln euros in the first half of the year and 7% to 21.5 mln euros in the second quarter. The decline is partly attributable to the renovation of Stockmann Delicatessen in Tallinn.

As the next step, the group will position itself for growth in the Baltics, both in the fashion and grocery businesses.

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