The year 2020 was marked by major turns of events. Early-year performance was strong thanks to the revised strategy, and an indication of this was the positive profit warning we issued in January. The global spread of the coronavirus pandemic, however, radically altered Stockmann's entire operating environment in all the countries where they operate. Stockmann continued to systematically execute their revised strategy and revitalise the business while adapting their operations to abrupt changes in the operating environment.
The corona virus epidemic had a significant negative impact on the entire Stockmann Group’s business operations. The revenue for the year 2020 were clearly on a lower level than in the previous year and the operating result was loss-making. The Stockmann Group’s revenue in 2020 was EUR 790.7 million (960.4), down 16.9% in comparable currency rates. Adjusted operating result was EUR 4.9 million (39.8).