Finland's Stockmann August sales drop 9 pct y/y

HELSINKI, Finland - Finnish department store and fashion group Stockmann on Thursday reported sales in August dropped 9.1 percent from a year earlier to 138.5 million euros ($179 million) due to the weak Russian rouble and slow demand in Finland.

Stockmann has forecast its 2014 profit will drop significantly from last year. Its chief executive stepped down last month and the group is due to come out with a new strategy in the following months, with analysts saying the company could decide to pull out of the Russian department store business.

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