STOCKMANN plc INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2004

STOCKMANN plc STOCK EXCHANGE RELEASE October 26, 2004, at 12.00

STOCKMANN plc INTERIM REPORT JANUARY 1 - SEPTEMBER 30, 2004

The Stockmann Group's sales grew by 1.9 per cent to EUR 1 219.2 million (EUR 1 196.1 million in Jan.-Sep. 2003). Profit on ordinary operations before extraordinary items improved by EUR 10.4 million on the comparison period. The Department Store Division and Seppälä Division improved their operating profit significantly, the operating result of the Hobby Hall Division was at the year-ago level and the Vehicle Division's operating profit decreased. Profit before extraordinary items was EUR 36.7 million. The corresponding figure a year earlier, EUR 39.4 million, included EUR 15.4 million of other operating income. Other operating income in the report period amounted to EUR 2.3 million. Third-quarter operating profit was EUR 12.7, up EUR 2.7 million year on year. The earnings estimate for 2004 is unchanged.

Sales and result

Stockmann's consolidated sales during the report period were EUR 1 219.2 million, up EUR 23.1 million and 1.9 per cent on same-period sales. Sales by international operations within consolidated sales grew from 10.5 per cent in the comparison period to 13.2 per cent. Net turnover was EUR 1 015.4 million, increasing by EUR 20.7 million and 2.1 per cent on the same period a year ago.

The Group's gross operating margin grew by EUR 20.3 million to EUR 330.5 million. The relative gross margin improved and was 32.5 per cent (31.2 per cent). An improved relative gross margin was reported by the Department Store Division, Seppälä and the Hobby Hall Division. The Vehicle Division's relative gross margin was at the level of the comparison period. Operating costs were up EUR 9.2 million. Depreciation increased by EUR 1.3 million. Profit on ordinary operations improved by EUR 9.8 million. In addition, net financial income increased by EUR 0.7 million. These factors improved the Group's profit on ordinary operations before extraordinary items by EUR 10.4 million.

Other operating income came from the consideration received from the sale of the VW-Audi car dealership in Helsinki's Herttoniemi district and amounted to EUR 2.3 million, whereby other operating income decreased by EUR 13.1 million on the comparison period. Consolidated operating profit fell by EUR 3.3 million on the comparison period and was EUR 30.3 million.

Net financial income increased by EUR 0.7 million from the same period a year earlier and totalled EUR 6.4 million.

Profit before extraordinary items was EUR 36.7 million, down EUR 2.7 million on the result a year earlier.

Direct taxes were EUR 8.0 million, decreasing by EUR 3.4 million on the figure a year earlier. Taxes on earnings amounted to EUR 10.6 million (EUR 11.4 million) and the change in the deferred tax liability was a decrease of EUR 2.6 million. The change in the deferred tax liability takes into account the lowering of Finland's corporate tax rate from 29 per cent to 26 per cent as from the beginning of 2005.

Net profit for the report period was EUR 28.7 million, compared with EUR 28.0 million a year earlier.

Earnings per share, diluted for the effect of share options, were EUR 0.54 (EUR 0.54). The undiluted figures are EUR 0.55 in both years. Equity per share was EUR 9.58 (EUR 9.86).

Sales and earnings trend by division

The Department Store Division's sales grew by 9 per cent to EUR 628.7 million. Sales in Finland rose by 3 per cent and sales abroad by 42 per cent. Sales in Finland were reduced by the divestment of the Academic Bookstore magazine business in June 2003. In Russia, the Mega South department store was opened in Moscow in April, and June saw the opening of the Zara store that is located in the Marina Roscha Shopping Centre. These units together with the Riga department store that was opened in October 2003 in Latvia spurred the growth in International Operations' sales. Sales in Estonia also grew. International Operations accounted for 20 per cent of the division's sales (15 per cent). The Department Store Division's operating profit increased by EUR 5.1 million year on year to EUR 18.5 million (EUR 13.3 million). Earnings were burdened by the costs of starting up the department stores in Moscow (Mega South) and Riga. The division's third-quarter operating profit was EUR 1.8 million higher than a year ago.

Following the exceptionally strong growth in vehicle sales in 2003 after the car tax was lowered, the growth in vehicle sales in Finland has evened out. The Vehicle Division's sales were down 7 per cent to EUR 339.8 million. The decrease in sales was attributable to the transfer of the Volkswagen-Audi dealership in Helsinki's Herttoniemi district to a Kesko Corporation subsidiary as from July 1, 2004. The transferred car dealership had sales in 2003 accounting for about 22 per cent of the Stockmann Vehicle Division's entire sales. Unit sales of new vehicles were down 17 per cent and those of used vehicles fell by 3 per cent. The division's operating profit diminished year on year and was EUR 3.9 million (EUR 5.5 million). Third-quarter operating profit declined by EUR 1.2 million, primarily because of the divestment of the Volkswagen-Audi car dealership in Herttoniemi. Stockmann is continuing to devote energetic efforts to developing VW-Audi sales in the Helsinki metropolitan area. Finland's first car dealership in line with the Audi car plant's recommendations was opened in Espoo's Suomenoja district at the beginning of July and will serve the Helsinki metropolitan area and its environs.

The Hobby Hall Division's sales declined by 10 per cent on the same period a year earlier and were EUR 149.8 million. Sales in Finland fell 9 per cent short of the previous year's figure, primarily owing to the effect of the closure of stores after the end of the comparison period. Online sales continued to enjoy strong growth and already accounted for just over 25 per cent of Hobby Hall's distance retailing in Finland. The division's sales abroad were down 18 per cent on the same period of last year. This was attributable to tightened-up credit policy as well as the closing of one store in Estonia in the first part of 2004. During the report period the division has stepped up its inventory management, and the level of stocks was 36 per cent below the comparison period at the close of the review period. A non-recurring cost item of EUR 2.1 million was booked on stocks in the third quarter. Despite this, the relative gross margin improved on the comparison period. The division's operating result diminished slightly and was EUR 4.5 million negative (EUR 4.3 million negative). The third-quarter operating result was down EUR 0.2 million year on year. Hobby Hall nevertheless posted an improved result in both August and September. The Hobby Hall Division reduced its personnel by 171 employees during the report period.

The Seppälä Division's sales increased by 12 per cent on the same period of last year and were EUR 100.2 million. Seppälä's sales grew both in Finland and the Baltic countries, where sales were lifted by the five stores opened in Latvia towards the end of 2003 and May 2004. Moreover, in April 2004 Seppälä opened the first of its stores in Russia in Moscow. Thanks to higher sales and a considerably improved relative gross margin, Seppälä's operating profit increased by a hefty EUR 5.2 million and was EUR 8.5 million (EUR 3.3 million). Seppälä's third-quarter operating profit was EUR 2.5 million higher than a year ago.

Financing and capital employed

Loan repayments were not made during the report period, nor have new long- term loans been drawn down. Long-term loans at the end of September stood at EUR 48.7 million. Capital expenditures came to a total of EUR 40.4 million. The increase in working capital from the beginning of the year to the end of September was EUR 14.4 million. This increase was attributable primarily to larger stocks and trade debtors for the new department stores in Riga and Moscow. EUR 0.3 million was added to shareholders' equity through share subscriptions made on the basis of the 1997 share options and EUR 6.5 million was added through the exercise of Loyal Customer share options. The Group's restricted shareholders' equity increased by EUR 2.7 million from the end of the comparison period and stood at EUR 577.8 million.

The equity ratio was 66.8 per cent (67.6 per cent). The equity ratio at the end of 2003 was 68.3 per cent.

The return on capital employed over the past 12 months was 12.8 per cent (13.1 per cent). The trend in the return on capital employed was affected by both the decrease in earnings and the growth in restricted shareholders' equity.

Fine-tuning strategy

In its discussion of strategy in June 2004, the Stockmann Group's Board of Directors reconfirmed the company's strategy, according to which the Group will grow energetically over the next few years, particularly in the Russian market. The objective is that by the end of 2008 about a third of sales and at least the same proportion of earnings will come from the markets in the Baltic countries and Russia.

Growth abroad will be spearheaded by the department stores, Seppälä and expansion of the franchising-based Zara chain in Russia. A new possibility that is being explored for augmenting business operations is to expand franchising activities also for international brands that have indicated expressions of interest in utilizing Stockmann's acquired knowledge of trading in Russia. As part of the implementation of this strategy, in October Stockmann signed a cooperation agreement with the Bestseller Group of Denmark, on the basis of which Stockmann will receive exclusive rights to retail Bestseller's brands in Russia. The Bestseller brands include Vero Moda, Only, Jack & Jones, Exit and Selected. The first store selling Bestseller brands will be opened in the Mega North Shopping Centre in February 2005.

Consolidation is rolling ahead in the distance retailing market in Europe. As a part of this trend, a number of international industrial players in the field and private equity investors have expressed interest in the Stockmann Group's Hobby Hall, which is the market leader in distance retailing in Finland and the Baltic countries. Accordingly, the Board of Directors decided in June to initiate a process whereby different alternatives for developing Hobby Hall will be explored, one of which is to exit the business. The alternatives for developing Hobby Hall in the years ahead will be ascertained during November, when the outcome of this process is determined.

The Vehicle Division's operations will be developed as part of Stockmann, with a special emphasis on exploiting the synergies arising via Loyal Customer marketing in concert with department store operations as well as the possibilities for business development offered by the amendment of the Block Exemption regulation. In line with this policy, Stockmann and the owners of the car dealership Autotalo Jurvakainen Oy in Oulu, Finland, signed a bill of sale whereby Stockmann will acquire the company's entire share capital on 1 November 2004. Autotalo Jurvakainen is a BMW-Mini dealer in Oulu. The company has sales of about EUR 10 million and employs 11 people. The company's present managing director, Juha Jurvakainen, will stay on as head of the business. As a consequence of this deal, Stockmann will be able to serve its customers, in car sales too, in all its department store localities in Finland.

Developing the Group structure

With a view to streamlining Stockmann's group structure and enhancing business efficiency and transparency when making the transition to IFRS reporting, the Board of Directors has taken a decision on the following structural business arrangements.

The Board of Directors has decided to incorporate Stockmann's Vehicle Division as an independent company. The spin-off will be carried out as a transfer of business operations to a new subsidiary that is wholly-owned by the parent company. The Vehicle Division's dealership agreements will be transferred to the new company, and the Vehicle Division's personnel will transfer to its employ under their current terms of employment. The spin-off is to be implemented by the end of the year.

The Board of Directors has decided to transfer the subsidiaries operating in Russia to the parent company's wholly-owned Finnish holding company. Plans call for transferring the shares to the new holding company by the end of November 2004. In addition, the Board of Directors has decided to establish a Finnish finance company that is wholly-owned by the parent company by the end of November 2004. The finance company will procure all the fixed-asset goods required by the Group's subsidiaries in Russia and make them available to the Russian companies in the Stockmann Group on leasing or rental agreements.

Capital expenditures

Capital expenditures during the report period totalled EUR 40.4 million (EUR 22.3 million).

The Department Store Division's capital expenditures during the report period came to EUR 28.0 million. The division's most important investment outlay was for the new Mega South department store in Moscow that was opened in April in premises leased from Ikea. During the report period the site required an outlay of EUR 13.3 million. The department store has approximately 10 000 square metres of retail space, and Stockmann's capital expenditure for the site came to EUR 16.0 million. In Moscow, construction works are in progress on another department store in the same size class, Mega North. According to plans, it will be opened in December in premises owned by Ikea. During the report period the site required an outlay of EUR 8.3 million. Stockmann's investment in this department store will be about EUR 18 million. In Russia a new Zara store was also opened at the beginning of June in the Marina Roscha Shopping Centre near the centre of Moscow. A third Zara store in Moscow will be opened in the Mega North Shopping Centre in December. A lease agreement on opening a flagship Zara store at a centrally located business site right in the heart of Moscow was signed in October. According to plans, the store will be opened in March 2005. Furthermore, agreements have been signed on opening three new Zara stores in Moscow in the first half of 2005. In Finland, two new stores belonging to the Stockmann Beauty cosmetics chain were opened, bringing the total number of stores to eight.

The Hobby Hall Division's capital expenditures in January-September totalled EUR 0.9 million. They went mainly for the development of information systems.

The Seppälä Division's capital expenditures during the report period amounted to EUR 1.0 million. Seppälä opened its first store in Russia at the Stockmann department store in Moscow's Mega South Shopping Centre in April. Seppälä will open its second store in Russia in the Marino Shopping Centre on the southeast side of Moscow in November 2004, and a third store at the Stockmann department store in Moscow's Mega North shopping centre in December. In addition, Seppälä will open a new store in Liepaja, Latvia, in November.

Property investments during the report period totalled EUR 9.2 million, of which EUR 2.0 million went for the Audi car dealership in Espoo's Suomenoja district and EUR 4.7 million was for the preparatory works for the enlargement of the Helsinki department store. As part of these preparatory works, new escalators were installed in the department store and a complete refurbishment of the central lifts was started. The Audi car dealership was realized as an extension to the Stockmann-owned building that is used by the Vehicle Division, and it went into use at the beginning of July.

Other capital expenditures in the report period amounted to EUR 1.3 million.

Current projects

Stockmann will open a department store with about 11 000 square metres of retail space in leased premises in the new section of the Jumbo Shopping Centre in Vantaa. The objective is to open the department store in autumn 2005. Stockmann's share of the cost estimate for the project is about EUR 10 million.

A large-scale project for enlargement and modification works on the department store in the centre of Helsinki is pending, and its implementation will call for a change in the town plan. According to plans, the department store's commercial premises will be expanded by about 10 000 square metres by converting existing premises to commercial use and by building new retail space. In addition, completely new goods handling and maintenance areas will be built for the department store as well as access passages to the new customer car park. After the enlargement the Helsinki department store will have a total of 50 000 square metres of retail space. The cost estimate for the project is a total of about EUR 115 million. It is estimated that the works will be completed stage by stage by the end of 2009.

Shares and shareholders

The company's market capitalization at the end of September was EUR 1 073.8 million (EUR 832.8 million). At the end of 2003 the market capitalization was EUR 955.6 million.

Stockmann shares outperformed the HEX All-share Index in the report period but trailed the HEX Portfolio Index. At the end of September the stock exchange price of the Series A share was EUR 20.30, compared with EUR 18.00 at the end of 2003, and the Series B share was selling at EUR 20.05, as against EUR 18.30 at the end of 2003.

The 1997 Stockmann share options were exercised to subscribe for a total of 20 300 Stockmann plc Series B shares with a par value of 2 euros in January. As a consequence of the subscriptions the share capital was increased by EUR 40 600. The shares were entered in the Trade Register on February 20, 2004, and they became available for public trading, together with the existing shares, on Helsinki Exchanges on April 5, 2004.

At its meeting held on February 12, 2004, Stockmann's plc's Board of Directors approved a shareholder's request to convert 163 000 of the company's shares from Series A into Series B shares in accordance with Article 3 of the Articles of Association. The share conversion was entered in the Trade Register on February 20, 2004. The converted shares became eligible for public trading together with the existing shares as from February 23, 2004.

A total of 600 269 Stockmann plc Series B shares with a par value of 2 euros were subscribed for with Stockmann Loyal Customer share options in May. As a consequence of the subscriptions the share capital was increased by EUR 1 200 538. Following the increase, the share capital is EUR 106 499 820. Of the shares, 597 118 were entered in the Trade Register on June 30, 2004, and 3 151 shares were entered on August 30, 2004, and became available for public trading, together with the existing shares, on Helsinki Exchanges on July 1, 2004, and August 31, 2004, respectively. Following the share conversion and the share option subscriptions, the total number of Series A shares is 24 575 893 and the number of Series B shares is 28 674 017.

In spring 2000, a total of 1 382 524 Stockmann plc Loyal Customer share options were subscribed for. On the basis of the unexercised Loyal Customer share options, a further total of 775 591 new Series B shares with a par value of 2 euros can be subscribed for in disapplication of shareholders' pre-emptive right to subscribe for shares. On the basis of the subscriptions, the company's share capital can rise by a further maximum of EUR 1 551 182 to a maximum of EUR 108 051 002. The subscription price is EUR 15.70 less the amount of the per-share dividend distributed after April 1, 1999. This year the subscription price was EUR 10.81 per share. The remaining subscription period for the Loyal Customer share options is from May 2, 2005, to May 31, 2005.

Stockmann held 406 939 of its own Series B shares (treasury shares) at the end of September 2004. The par value of these shares is a total of EUR 813 878, and they represent 0.8 per cent of all the shares outstanding as well as 0.1 per cent of the total votes. The shares were bought back at a total price of EUR 6.1 million.

The company's Board of Directors does not have valid authorizations to increase the share capital or to float issues of convertible bonds or bonds with warrants or to buy back its own shares. The Board of Directors has valid authorizations to transfer 406 939 company-owned Series B treasury shares up to March 30, 2005.

Personnel strength

During the report period the Stockmann Group had an average payroll of 9 283 employees, or 735 more than in the comparison period. The growth in the number of employees is attributable mainly to the new department stores in Riga and Moscow. Converted to full-time staff, the average number of employees increased by 677 and was 7 559.

At the end of September 2004 the number of staff working abroad was 2 463 employees. At the end of September of last year Stockmann had 1 822 people working abroad. The proportion of the total personnel who were working abroad increased from 21 per cent in the comparison period to 27 per cent.

Full-year outlook

Retail sales are estimated to grow further in Finland. In the latter part of the year, vehicle sales are expected to fall short of the previous year's level. The economies of Russia and the Baltic countries are anticipated to continue growing at a faster rate than Finland. The Stockmann Group's sales in 2004 are expected to come in at about EUR 1.75 billion.

Of the Group's divisions, the Department Store Division and Seppälä performed excellently during the report period. Although earnings, especially for these divisions, are generated substantially during the last quarter of the year, the trend on the basis of third-quarter results points to a marked improvement in the full-year earnings of both the Department Store Division and Seppälä. Measures to restore Hobby Hall's profitability are on track and their effects will show up particularly during the last quarter. Hobby Hall's full-year result will improve but still fall short of the target. Within the Vehicle Division, the transfer of the profitable unit in Herttoniemi to Kesko Group six months earlier than planned will mean that the unit's full-year earnings come in somewhat below the figure a year ago.

The Group's fourth-quarter earnings are anticipated to improve on the previous year's figure.

The earnings estimate for 2004, which was stated in the Annual Report, is unchanged. Stockmann's target is for profit before extraordinary items in 2004 to be higher than the figure reported for 2003.

Helsinki, October 26, 2004

STOCKMANN plc

Profit and loss account, Group EUR millions

1-9/04 1-9/03 Change % 1-12/03

Net turnover1 015.4994.721 412.7
Other operating income2.315.4-8515.4
Raw materials and services684.9684.50955.3
Staff expenses143.2139.13194.9
Depreciation22.521.2628.8
Other operating expenses136.7131.64183.4
Operating profit30.333.6-1065.7
Financial income and expenses,6.45.8118.3
total
Profit before extraordinary items36.739.4-774.0
Extraordinary items0.00.00.0
Profit before taxes36.739.4-774.0
Direct taxes8.011.4-3022.3
Minority interest0.00.00.0
Profit for the period28.728.0351.7
Earnings per share, EUR0.550.5501.01
Earnings per share, diluted, EUR0.540.5401.00
Equity per share, EUR9.589.86-310.36
Return on equity, %,10.310.79.6
moving 12 months Return on investment, %, 12.8 13.1 13.2 moving 12 months Average number of employees, 7 559 6 882 10 7 068 converted to full-time staff

Sales by division, EUR millions

1-9/04 1-9/03 Change % 1-12/03

Department Store Division628.7575.09851.3
Vehicle Division339.8365.5-7480.4
Hobby Hall149.8165.7-10235.7
Seppälä100.289.312130.3
Real Estate15.614.8619.7
Eliminations-14.9-14.2-18.8
Total1 219.21.196.121 698.6
Net turnover by division, EUR millions

1-9/04 1-9/03 Change % 1-12/03

Department Store Division528.5482.410713.2
Vehicle Division278.4300.2-7394.5
Hobby Hall124.5138.2-10197.3
Seppälä82.673.512107.3
Real Estate15.414.6521.0
Eliminations-14.1-14.2-20.5
Total1 015.4994.721 412.7
Operating profit by division, EUR millions

1-9/04 1-9/03 Change % 1-12/03

Department Store Division18.513.33939.7
Vehicle Division3.95.5-295.6
Hobby Hall-4.5-4.34-3.4
Seppälä8.53.315710.1
Real Estate10.811.2-314.5
Other operating income2.315.4-8515.4
Eliminations-9.2-10.8-16.1
Total30.333.6-1065.7
Capital expenditures, gross, by division, EUR millions

1-9/04 1-9/03 Change % 1-12/03

Department Store Division28.010.516618.2
Vehicle Division1.11.5-221.8
Vehicle Division's leasing assets0.0-0.6-100-0.6
Hobby Hall0.91.2-271.7
Seppälä1.01.0-31.2
Real Estate9.27.71916.8
Others0.21.0-751.2
Total40.422.38140.3
Funds statement, Group EUR millions

1-9/04 1-9/03 1-12/03 Cash flow from operations 31.9 18.7 72.2 Cash flow into and from investments

   Capital expenditures-40.2-23.6-41.1
   Cash from non-current assets2.837.137.3
Cash flow into and from investments, total-37.413.5-3.8
Financial cash flow
   Subscriptions with options6.71.816.4
   Dividend paid-70.4-45.8-45.8
   Change in long-term loans,13.112.6
   increase (+), decrease (-)
   Change in short-term loans,1.1-1.0-0.8
   increase (+), decrease (-)
Financial cash flow, total-62.7-32.0-17.6
Change in cash funds-68.10.350.8
Cash funds at start of the period121.370.570.5
Cash funds at end of the period53.270.8121.3
Balance sheet, Group EUR millions

30.9.04 30.9.03 31.12.03 Non-current assets

   Intangible assets59.137.140.4
   Tangible assets218.7213.0220.2
   Investments28.628.728.7
Current assets
   Stocks237.1228.3191.3
   Debtors, interest-bearing98.5107.5111.4
   Debtors, non-interest-bearing72.167.487.7
   Liquid funds53.270.8121.3
Assets767.3752.8800.8
Capital and reserves512.2508.7547.1
Minority interest0.00.00.0
Deferred tax liability23.423.326.0
Non-current creditors48.749.148.6
Current creditors, interest-bearing16.917.316.0
Current creditors, non-interest-bearing166.1154.4163.0
Liabilities767.3752.8800.8
Equity ratio, %66.867.668.3
Gearing, %2.4-0.9-10.4
Cash flow from operations per share, EUR0.600.361.41
Interest-bearing net debt, EUR mill.-86.1-111.9-168.0
Number of shares at September 30, 2004,53 25051 39052 629
thousands Weighted average number of shares, thousands 52 442 50 973 51 111

Contingent liabilities, Group EUR millions

30.9.04 30.9.03 31.12.03

Mortgages on land and buildings1.71.71.7
Pledges0.20.10.1
Other commitments52.264.159.1
Total54.165.960.8
Lease agreements on business premises, EUR millions

30.9.04 30.9.03 31.12.03 Minimum rents payable on the basis of binding lease agreements on business premises

Within one year69.257.654.1
After one year363.5360.2417.0
Total432.6417.8471.1
Derivative instruments

30.9.04 30.9.03 31.12.03 Nominal value

Foreign exchange derivatives75.311.811.7
Interest rate derivatives35.035.035.0
Fair value
Foreign exchange derivatives0.3-0.1-0.1
Interest rate derivatives-0.6-1.1-0.9
Derivatives have been made for hedging purposes.

Profit and loss account, Group quarterly, EUR millions

Q3/04 Q2/04 Q1/04 Q4/03

Net turnover330.6348.8336.0418.1
Other operating income0.02.30.00.0
Raw materials and services221.8230.2232.9270.7
Staff expenses44.251.247.855.9
Depreciation7.67.67.37.5
Other operating expenses44.346.146.351.8
Operating profit12.715.91.632.1
Financial income and expenses,1.32.03.12.5
total
Profit before extraordinary items14.017.94.834.6
Extraordinary items0.00.00.00.0
Profit before taxes14.017.94.834.6
Direct taxes4.12.61.410.9
Minority interest0.00.00.00.0
Profit for the period10.015.43.423.7
Earnings per share, EUR
Basic0.190.300.060.46
Diluted0.190.290.060.46
Profit and loss account, Group quarterly, EUR millions

Q3/03 Q2/03 Q1/03 Q4/02

Net turnover327.7348.3318.7391.8
Other operating income0.02.612.80.0
Raw materials and services221.1237.9225.5249.2
Staff expenses44.248.946.055.1
Depreciation7.07.17.17.3
Other operating expenses45.244.042.447.6
Operating profit10.113.110.532.7
Financial income and expenses,1.62.22.02.2
total
Profit before extraordinary items11.615.312.534.8
Extraordinary items0.00.00.00.0
Profit before taxes11.615.312.534.8
Direct taxes3.44.43.69.1
Minority interest0.00.00.00.0
Profit for the period8.310.88.925.7
Earnings per share, EUR
Basic0.160.220.170.49
Diluted0.150.220.170.49
Sales by division, EUR millions

Q3/04 Q2/04 Q1/04 Q4/03

Department Store Division216.6212.4199.6276.2
Vehicle Division95.5126.4117.9114.9
Hobby Hall46.247.056.670.1
Seppälä38.133.528.641.0
Real Estate5.25.45.05.0
Eliminations-5.0-5.1-4.8-4.7
Total396.7419.6402.9502.5
Sales by division, EUR millions

Q3/03 Q2/03 Q1/03 Q4/02

Department Store Division192.4198.6184.0258.0
Vehicle Division115.1137.2113.2103.4
Hobby Hall54.453.557.870.2
Seppälä32.530.626.239.9
Real Estate4.74.95.24.7
Eliminations-4.5-4.7-5.0-3.4
Total394.5420.2381.4472.7
Net turnover by division, EUR millions

Q3/04 Q2/04 Q1/04 Q4/03

Department Store Division182.4178.4167.8230.8
Vehicle Division78.2103.496.894.3
Hobby Hall38.338.947.359.1
Seppälä31.427.623.633.8
Real Estate4.55.45.45.2
Eliminations-4.1-5.0-5.0-5.1
Total330.6348.8336.0418.0
Net turnover by division, EUR millions

Q3/03 Q2/03 Q1/03 Q4/02

Department Store Division160.9166.0155.4214.7
Vehicle Division94.5112.693.185.1
Hobby Hall45.344.648.358.7
Seppälä26.725.221.632.8
Real Estate3.85.15.75.1
Eliminations-3.6-5.2-5.4-4.6
Total327.7348.3318.7391.8
Operating profit by division, EUR millions

Q3/04 Q2/04 Q1/04 Q4/03

Department Store Division9.08.80.726.4
Vehicle Division0.71.21.90.1
Hobby Hall-2.8-1.0-0.70.9
Seppälä5.14.2-0.86.7
Real Estate3.43.63.83.3
Other operating income0.02.30.00.0
Eliminations-2.8-3.2-3.2-5.3
Total12.715.91.632.1
Operating profit by division, EUR millions

Q3/03 Q2/03 Q1/03 Q4/02

Department Store Division7.37.9-1.827.7
Vehicle Division2.01.81.71.0
Hobby Hall-2.6-1.0-0.71.0
Seppälä2.62.7-1.96.0
Real Estate3.33.64.23.6
Other operating income0.02.612.80.0
Eliminations-2.5-4.4-3.9-6.6
Total10.013.110.532.7

This Interim Report is unaudited.

Helsinki, October 26, 2004

STOCKMANN plc

Hannu Penttilä CEO

DISTRIBUTION Helsinki Exchanges Principal media

A press and analyst conference will be held today, October 26, 2004, at 14.00 at the World Trade Center, Aleksanterinkatu 17, Helsinki.





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