Stockmann reports Q3 revenue, profit growth

Finnish fashion group Stockmann has reported revenue and profit growth in the third quarter of the year, driven by a strong performance at its Lindex brand.

In the three months to September 30, the group’s consolidated revenue came in at 237.8 million euros, a 12 percent increase from a year earlier at comparable currency rates.

Its operating profit increased to 33.2 million euros compared to 14.3 million euros in the prior year, while its gross margin increased to 59.5 percent from 57.4 percent.

CEO Jari Latvanen said: “Stockmann Group’s third quarter was very strong. The operating result improved by 18.9 million euros compared to the reference period. Lindex made its best quarterly result ever, 31.6 million euros, and the Stockmann division improved its performance clearly, by 4.7 million euros, reaching a positive result.

“Due to the increasing vaccination rate, the customer flows started to reach healthier levels in the third quarter.”

Latvanen said Lindex saw increased sales in all markets and business areas, and a “very high” gross margin. Meanwhile, sales in physical stores were boosted by higher visitor levels, and the “strong development” in the online store continued.

Latvanen continued: “For the first time since the fourth quarter in 2019, the Stockmann division delivered a positive result, slightly above zero. Sales in the brick-and-mortar stores increased clearly during the third quarter and changed the balance between the sales channels. Both channels showed healthy growth during the quarter.”