Stockmann, who also owns the Lindex chain, said its consolidated revenue fell 7.1% currency-neutral in the first three months of the year, dropping to €155.7mn. But its gross margin rose to 56.3% from 54.2% and the operating loss was slightly smaller y-o-y at €27.7mn (€27.8mn a year earlier). On an adjusted basis, the operating loss shrank even further to €21.1mn from €26.7mn. Both the Stockmann Department Store and Lindex fashion speciality store divisions showed buoyant digital growth through their own webstores. The Stockmann division's online sales improved significantly and the major Crazy Days sales campaign in March slightly exceeded last year.
Lindex also did well in collaboration with partners’ e-tail platforms. And its gross margin improved due to favourable currency effects, together with successful stock handling and better intake margins. The company went through a restructuring process last year and this completed in early February this year. The firm is continuing with its department store operations and with Lindex but is selling and leasing back its department store properties in Helsinki, Tallinn and Riga. Stockmann gave no guidance for the rest of the year due to ongoing uncertainty because of the pandemic.