4 August 2021
The Weekly
Finland

Stockmann Group released its Q2 and half-year results on Friday and reported a dramatic improvement all round. Consolidated revenue rose over 20% in the last three months, while the gross margin also jumped and adjusted operating profits made a big leap. Looking first at Q2, consolidated revenue was up 21.4% at comparable currency rates to €228mn, and the gross margin rose to 60.5% from 54.1% in the April to June period. Operating profit reached €26.3mn after a loss of €0.4mn a year ago and the adjusted operating result was €26.7mn, up from the prior year’s €0.8mn. In the first half, consolidated revenue rose only 6.5% at comparable currency rates to €383.7mn and the gross margin was up to only 58.8% from 54.2%. The operating result was a loss of €1.4mn, but so much better than the loss of €28.3mn a year earlier. The adjusted operating result was a profit of €5.6mn, again, much better than the €25.9mn loss last year. For the full year, Stockmann, which owns the eponymous department store operation as well as the Lindex retail chain, ‘expects a clear increase to the group revenue, and the adjusted operating result to be clearly positive assuming that no major Covid-19 restrictions are impose’.  CEO Jari Latvanen said both divisions improved their results and the group’s cash increased during Q2 to reach €155mn at the end of June. However, he expects the uncertainty in the global economy to persist throughout 2021.

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