Stockmann announced an increase in loss in 6,5 times in January-September 2017
30.10.2017 4309

Stockmann announced an increase in loss in 6,5 times in January-September 2017

The net loss of the Finnish retail company Stockmann in January-September of 2017 amounted to 186 million euros, an increase in annual terms by 6,5 times, writes Prime.

Net loss per share in the reporting period amounted to 2,64 euros against 0,45 euros a year earlier. At the same time, Stockmann's revenue fell by 10,6%, reaching 740,1 million euros.

For the third quarter, the company's net loss grew in annual terms by 30 times, to 158 million euros. In terms of share, it amounted to 2,21 euros against 0,09 euros a year earlier. Quarterly revenue reached 242 million euros, which is 8,3% lower than a year earlier.

The company associates weak financial results with the Lindex network, whose revenue has fallen by 5,5% since the beginning of the year, and by 3,2% for the quarter. By the end of the year, the company expects a decrease in revenue due to low sales of Lindex, as well as a change in the chain of stores and the product range.

Stockmannfounded in 1862, currently operates more than 500 stores in 18 countries, including Finland, the Baltic countries. In Russia, Stockmann has been present since 1989.

The net loss of the Finnish retail company Stockmann in January-September 2017 amounted to 186 million euros, having increased in annual terms by 6,5 times, - writes ...
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