Under-pressure Scandinavian retail giant Stockmann Group issued a profit warning on Wednesday on the back of “the weakened outlook” for its Stockmann Retail operation that should last for the rest of the year.
Finnish retailer Stockmann had good news and bad on Friday, saying that it swung back into profit on an adjusted operating basis in Q3, even though overall revenue in the three months to September 30 fell.
Stockmann reported better-than-expected second-quarter results on Thursday, thanks to increased sales at its fashion chain Lindex, but warned that its department stores would remain in the red in the full year.
Lindex owner and department stores operator Stockmann had a little bit of good news in its Q1 results report, even though it still made a hefty loss and the turnaround programme will see it speeding up store closures.
Stockmann’s Performance is getting better but the firm isn’t in the clear yet as the Lindex chain owner is still facing big challenges. One of the biggest is that Lindex operation which is finding sales growth elusive.