×
30 375
Fashion Jobs
AEROPOSTALE
Vice President Full Price B2B, Wholesale, Sparc Group
Permanent · New York
NORDSTROM INC
Asset Protection Agent Walnut Creek
Permanent · Walnut Creek
NORDSTROM INC
Loss Prevention Agent Easton Market Rack
Permanent · Columbus
NORDSTROM INC
Security Ambassador 1
Permanent · Frisco
NORDSTROM
Asset Protection Agent Colonies Crossroads
Permanent · Upland
NORDSTROM
Asset Protection Agent Brea
Permanent · Brea
NORDSTROM INC
Security Ambassador
Permanent · Annapolis
NORDSTROM
Position Asset Protection - Security Ambassador - Menlo Park
Permanent · Edison
NORDSTROM
Asset Protection Agent Walnut Creek
Permanent · Walnut Creek
NORDSTROM
Asset Protection - Security Ambassador - City Creek $200 Sign-on Bonus
Permanent · Salt Lake City
NORDSTROM
Inventory Control Specialist- Mission Viejo
Permanent · Mission Viejo
NORDSTROM INC
Asset Protection Coordinator - Torrance, ca
Permanent · Torrance
NORDSTROM INC
Asset Protection Agent - Torrance, ca
Permanent · Torrance
NORDSTROM INC
Asset Protection Manager For Michigan Somerset North And Twelve Oaks
Permanent · Novi
NORDSTROM
Asset Protection - Security Ambassador - Grand Plaza Rack
Permanent · San Marcos
NORDSTROM INC
Loss Prevention Security Ambassador Roosevelt Field
Permanent · Garden City
NORDSTROM
Asset Protection - Security Ambassador - West Farm Shopping Center Rack
Permanent · Farmington
LANE BRYANT
Part Time Sales Manager
Permanent · Gloucester Township
MARSHALLS
Loss Prevention Detective
Permanent · Freeport
HOMEGOODS
70118-lp Detective
Permanent · Pembroke Pines
MARSHALLS
Loss Prevention Detective
Permanent · Elmont
TJ MAXX
70188-Lead lp Detective
Permanent · Costa Mesa
Published
Oct 26, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Lindex summer improvement boosts Stockmann but group still challenged

Published
Oct 26, 2018

Finnish retailer Stockmann had good news and bad on Friday, saying that it swung back into profit on an adjusted operating basis in Q3, even though overall revenue in the three months to September 30 fell.


Lindex



Consolidated revenue in the period fell to €232.5 million from €242 million a year earlier, but at constant currency rates it rose 0.3%. Also in constant currency, the gross margin rose to 58.7% from 56.2%, while adjusted operating profit was €5.9 million, from a loss of €1.4 million in the prior year period. 

However, unadjusted operating profit was actually a loss of €4.9 million, although that was a strong improvement on the €151.4 million loss of a year ago. A discrepancy between the adjusted and unadjusted figures was caused by a value adjustment of €10.8 million related to it divesting Nevsky Centre.

Given the negative impact that currency exchange had on the results, it's clear that this is a big issue for the company and it said that its full-year revenue guidance has been updated, mainly due to weakening currency rates, although profit guidance for 2018 is unchanged.

The company now expects its overall revenue for 2018 to be lower than in 2017, but its adjusted operating profit should improve this year.

CEO Lauri Veijalainen said: “Our strategic actions are producing results and we are moving forward. In the third quarter, Lindex’s sales and profitability continued to increase due to a strong start to the autumn season and Lindex increased its market share in its main markets. The adjusted operating result nearly doubled due to higher sales, improved gross margin and cost savings measures.”

That's good news, yet the company’s Stockmann Retail operation may have seen its operating profits improving slightly, but they were still negative.

However, the company is taking action to improve its performance. The Click & Collect service point, which is open every day until midnight, was opened in the Helsinki department store and its online selection has grown significantly. It announced the launch of a new marketplace that will open in spring 2019, which will “open our digital doors to partners and broaden our selection further.”

Yet more work certainly needs to be done. In its Crazy Days campaign, which took place after the quarter in October, sales were down by 9% from the previous year in total. The online store had strong growth of 7%, but sales in the Finnish and Baltic physical stores have struggled and that online increase won't be enough to make up for their decline.

Copyright © 2021 FashionNetwork.com All rights reserved.