STOCKMANN GROUP'S INTERIM REPORT JANUARY

STOCKMANN plc STOCK EXCHANGE RELEASE August 11, 2004, at 12.00

STOCKMANN GROUP'S INTERIM REPORT JANUARY 1 - JUNE 30, 2004

PROFIT ON ORDINARY OPERATIONS IMPROVED MARKEDLY

The Stockmann Group's sales grew by 2.6 per cent to EUR 822.5 million (EUR 801.6 million in 2003). Profit on ordinary operations improved by EUR 8.0 million on the comparison period. The Department Store Division and Seppälä Division improved their operating profit significantly year on year, the operating result of the Hobby Hall Division was at the level of the comparison period and the Vehicle Division's operating profit decreased slightly. Profit before extraordinary items was EUR 22.7 million. The corresponding figure a year earlier, EUR 27.8 million, included EUR 15.4 million of other operating income. Other operating income in the report period amounted to EUR 2.3 million. The earnings estimate for 2004 is unchanged.

Sales and result

Stockmann's consolidated sales in the first half of 2004 were EUR 822.5 million, up EUR 20.9 million and 2.6 per cent on same-period sales. Sales by international operations within consolidated sales grew from 10.4 per cent in the comparison period to 12.4 per cent. Net turnover was EUR 684.8 million, increasing by EUR 17.8 million and 2.7 per cent on the same period a year ago.

The gross margin on the Group's operations grew by EUR 18.1 million to EUR 221.7 million. The relative gross margin on operations improved and was 32.4 per cent (30.5 per cent). The relative gross margin improved across all the divisions. Operating costs were up EUR 10.2 million. Depreciation increased by EUR 0.8 million. Profit on ordinary operations improved by EUR 7.1 million. In addition, net financial income increased by EUR 0.9 million. These factors improved the Group's profit on ordinary operations before extraordinary items by EUR 8.0 million.

Other operating income came from the compensation 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 6.0 million on the comparison period to EUR 17.6 million.

Because of the increase in dividend income and gains on foreign exchange, net financial income increased by EUR 0.9 million from the same period a year earlier and totalled EUR 5.1 million.

Profit before extraordinary items was EUR 22.7 million, down EUR 5.1 million on the result a year earlier.

Direct taxes were EUR 4.0 million, decreasing by EUR 4.1 million on the figure a year earlier. Taxes on earnings amounted to EUR 6.6 million (EUR 8.1 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 18.7 million, compared with EUR 19.7 million a year earlier.

Earnings per share were EUR 0.35 (EUR 0.39). Equity per share was EUR 9.39 (EUR 9.66).

Sales and earnings trend by division

The Department Store Division's sales grew by 8 per cent to EUR 412.1 million. Sales in Finland rose by 3 per cent and sales abroad by 34 per cent. Sales in Finland were reduced by the divestment of the Academic Bookstore magazine business in June 2003. Sales in Russia grew both in rouble and in euro terms. In Russia, Stockmann has used the rouble as a pricing currency instead of the dollar, as previously, since the end of January 2004. Sales in Estonia also grew. During the report period, the Mega South department store was opened in Moscow, as was 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, boosted the growth in International Operations' sales. International Operations accounted for 18 per cent of the division's sales (15 per cent). The Department Store Division's operating profit increased by EUR 3.4 million compared with the same period a year ago to EUR 9.4 million (EUR 6.1 million). Earnings were burdened by the costs of starting up the Mega South department store that was opened in Moscow in April 2004 as well as the Riga department store. Despite these costs, the division's second-quarter operating profit improved by EUR 0.9 million on the previous year.

Following the exceptionally strong growth in vehicle sales in 2003 after the car tax was lowered, the growth in auto sales in Finland evened out in the first part of 2004. The Vehicle Division's sales were down 2 per cent to EUR 244.3 million. Unit sales of new vehicles were down 12 per cent, and unit sales of used vehicles were on a par with the comparison period. Stockmann's market share of the motor trade in the Helsinki metropolitan area decreased. The division's operating profit diminished slightly year on year and was EUR 3.1 million (EUR 3.5 million). Second-quarter operating profit was down EUR 0.6 million compared with the figure a year earlier. In accordance with the agreement made between Stockmann and Kesko Corporation's subsidiary VV-Auto Oy, the VW-Audi dealership in Helsinki's Herttoniemi district was transferred to Helsingin VV-Auto Oy ahead of schedule as from July 1, 2004. 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 7 per cent on the same period a year earlier and were EUR 103.6 million. Hobby Hall's distance retailing in Finland grew by 2 per cent. Online sales showed further strong growth - up about 30 per cent. Aggregate sales in Finland, however, fell by 5 per cent compared with the year-ago figure because three stores were closed after the end of the comparison period. The division's sales abroad were down 16 per cent on the same period of last year. This was attributable to tightened up credit policy and to the closing of one store in Estonia in the first part of 2004. The trend in the division's sales was markedly weaker than expected. The relative gross margin nevertheless improved on the comparison period. Thanks to cost savings and the improvement in the relative gross margin, the division's operating result was the same as in the comparison period, or a loss of EUR 1.7 million. The second-quarter operating result was also at the level of the comparison period.

The Seppälä Division's sales increased by 9 per cent on the same period of last year and were EUR 62.1 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 in May 2004. Moreover in April 2004, Seppälä opened the first of its stores in Russia in Moscow. Thanks to higher sales and an improved relative gross margin, Seppälä's operating profit increased by a hefty EUR 2.7 million and was EUR 3.5 million (EUR 0.8 million). Seppälä's second-quarter operating profit was EUR 1.6 million higher than a year ago.

Financing and invested capital

Loan repayments were not made during the report period, nor have new long- term loans been drawn down. The amount of long-term loans at the end of June was EUR 48.9 million. Capital expenditures came to a total of EUR 27.9 million. The increase in working capital from the beginning of the year to the end of June was EUR 16.6 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 capital employed increased by EUR 8.5 million from the end of the comparison period and stood at EUR 567.9 million.

The equity ratio was 70.3 per cent (71.3 per cent), as against 68.3 per cent at the end of 2003.

The return on capital employed over the past 12 months was 12.8 per cent (13.5 per cent). The trend in the return on capital employed was affected by both the decrease in earnings and the growth in capital employed.

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 also to expand franchising activities for international brands that have indicated expressions of interest in utilizing Stockmann's acquired knowledge of trading in Russia.

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. This has led to the starting up of a process whereby different alternatives for developing Hobby Hall will be explored during the latter part of the year, one of which is withdrawing from this line of business.

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.

Capital expenditures

Capital expenditures during the report period totalled EUR 27.9 million (EUR 15.2 million).

The Department Store Division's capital expenditures in the report period came to EUR 19.1 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. Its operations have started up according to plans. During the report period the site required an outlay of EUR 13.3 million. The department store has about 10 000 square metres of retail space. Stockmann's outlays on the site were about EUR 4 million under the preliminary estimate and came to a total of EUR 16.0 million. Also under way in Moscow are construction works, in Ikea-owned premises, on a second department store, Mega North, that will also have about 10 000 square metres of retail space. According to plans, it will be opened in December 2004. 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 in the vicinity of the centre of Moscow. A third Zara store in Moscow will be opened in the Mega North Shopping Centre towards the end of the year. The seventh store in the Stockmann Beauty cosmetics chain in Finland was opened in Kuopio in March. The eighth Stockmann Beauty store will be opened in Pori in August.

The Hobby Hall Division's capital expenditures in the report period totalled EUR 0.7 million. They went mainly for the development of information systems.

The Seppälä Division's capital expenditures in the report period amounted to EUR 0.6 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 vicinity of the centre of Moscow in October 2004, and a third store at the Stockmann department store in Moscow's Mega North Shopping Centre in December.

Property investments in the report period totalled EUR 6.8 million, of which EUR 1.7 million was for the Audi car dealership in Espoo's Suomenoja district and EUR 1.5 million for the preparatory works for the enlargement of the Helsinki department store as well as for upgrading escalators and lifts.

Other capital expenditures in the report period amounted to EUR 0.7 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 towards the end of 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. According to the plan, 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 project has a total cost estimate of about EUR 115 million. Implementation of the project will call for modifying the town plan, which has already been initiated. The works are estimated to be completed phase by phase by the end of 2009.

Recommendation for the Corporate Governance of listed companies enters into force on July 1, 2004

July 1 saw the entry into force of a new recommendation for the Corporate Governance of listed companies. The recommendation set new requirements for the Corporate Governance of stock exchange companies and also for their disclosure obligations. As a minimum set of rules, it became part of the stock exchange's regulatory regime. Stockmann began complying with the recommendation, as appropriate, already prior to its official entry into force and is now observing it in its entirety.

Shares and shareholders

The company's market capitalization at the end of June was EUR 1 030.9 million (EUR 788.4 million). At the end of 2003 the market capitalization was EUR 955.6 million.

Stockmann's shares outperformed both the HEX General Index and the HEX Portfolio Index during the report period. At the end of June the stock exchange price of the Series A share was EUR 19.20, compared with EUR 18.00 at the end of 2003, and the Series B share was selling at EUR 19.50, as against EUR 18.30 at the end of 2003.

In January, 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. 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 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 597 118 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 1 194 236. Following the increase, the share capital is EUR 106 493 518. The shares were entered in the Trade Register on June 30, 2004, and they became available for public trading, together with the existing shares, on Helsinki Exchanges on July 1, 2004. 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 28 670 866. Because of the subscriptions on the basis of the Loyal Customer share options, the number of the company's shareholders more than doubled and is now almost 34 400.

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 778 742 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 1 557 484 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 June 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 9 025 employees, or 579 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 563 and was 7 318.

At the end of June 2004, Stockmann had 2 205 employees working abroad. At the end of June of last year Stockmann had 1 463 people working abroad. The proportion of the total personnel who were working abroad increased from 17 per cent in the comparison period to 23 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 remain below the year-ago 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 in the first part of the year. Although earnings, especially for these units, are generated substantially during the latter part of the year, the trend at the present time 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 division's full-year earnings come in below the figure a year ago.

Consolidated third-quarter profits are expected to be at least at the previous year's level and the last quarter is anticipated to improve on the previous year.

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, August 11, 2004

STOCKMANN plc

Profit and loss account, Group EUR millions

1-6/04 1-6/03 Change % 1-12/03

Net turnover684.8667.031.412.7
Other operating income2.315.4-8515.4
Raw materials and services463.1463.40955.3
Staff expenses99.094.94194.9
Depreciation14.914.2528.8
Other operating expenses92.486.47183.4
Operating profit17.623.6-2565.7
Financial income and expenses,5.14.2218.3
total
Profit before extraordinary items22.727.8-1874.0
Extraordinary items0.00.00.0
Profit before taxes22.727.8-1874.0
Direct taxes (corresponding to4.08.1-5122.3
profit before taxes)
Minority interest0.00.00.0
Profit for the period18.719.7-551.7
Earnings per share, EUR0.360.39-81.01
Earnings per share, diluted, EUR0.350.39-91.00
Equity per share, EUR9.399.66-310.36
Return on equity, %,10.110.89.6
moving 12 months Return on investment, %, 12.8 13.5 13.2 moving 12 months Average number of employees, 7 318 6.755 8 7 068 converted to full-time staff

Sales by division, EUR millions

1-6/04 1-6/03 Change % 1-12/03

Department Store Division412.1382.68851.3
Vehicle Division244.3250.5-2480.4
Hobby Hall103.6111.3-7235.7
Seppälä62.156.89130.3
Real Estate10.410.1319.7
Eliminations-9.9-9.6-18.8
Total822.5801.631 698.6
Net turnover by division, EUR millions

1-6/04 1-6/03 Change % 1-12/03

Department Store Division346.2321.58713.2
Vehicle Division200.3205.7-3394.5
Hobby Hall86.392.9-7197.3
Seppälä51.246.89107.3
Real Estate10.910.8121.0
Eliminations-10.0-10.6-20.5
Total684.8667.031 412.7
Operating profit by division, EUR millions

1-6/04 1-6/03 Change % 1-12/03

Department Store Division9.46.15539.7
Vehicle Division3.13.5-115.6
Hobby Hall-1.7-1.70-3.4
Seppälä3.50.835210.1
Real Estate7.47.8-614.5
Other operating income2.315.4-8415.4
Eliminations-6.4-8.3-16.1
Total17.623.6-2565.7
Capital expenditures, gross, by division, EUR millions

1-6/04 1-6/03 Change % 1-12/03

Department Store Division19.17.216518.2
Vehicle Division0.50.9-411.8
Vehicle Division's leasing assets0.0-0.4-97-0.6
Hobby Hall0.70.8-101.7
Seppälä0.60.4601.2
Real Estate6.85.71916.8
Others0.20.6-751.2
Total27.915.28440.3
Funds statement, Group EUR millions

1-6/04 1-6/03 1-12/03 Cash flow from operations 14.8 18.2 72.2 Cash flow into and from investments

   Capital expenditures-28.1-15.9-41.1
   Cash from non-current assets0.536.637.3
Cash flow into and from investments, total-27.520.7-3.8
Financial cash flow
   Subscriptions with options6.70.116.4
   Dividend paid-70.4-45.8-45.8
   Change in long-term loans,0.08.512.6
   increase (+), decrease (-)
   Change in short-term loans,0.8-0.8-0.8
   increase (+), decrease (-)
Financial cash flow, total-63.0-38.1-17.6
Change in cash funds-75.60.750.8
Cash funds at start of the period121.370.570.5
Cash funds at end of the period45.771.2121.3
Balance sheet, Group EUR millions

30.6.04 30.6.03 31.12.03 Non-current assets

   Intangible assets53.636.640.4
   Tangible assets219.6213.2220.2
   Investments28.628.728.7
Current assets
   Stocks185.6184.4191.3
   Debtors, interest-bearing99.6107.1111.4
   Debtors, non-interest-bearing81.858.587.7
   Liquid funds45.771.2121.3
Assets714.5699.7800.8
Capital and reserves502.2498.8547.1
Minority interest0.00.00.0
Deferred tax liability23.423.326.0
Non-current creditors48.944.548.6
Current creditors, interest-bearing16.816.116.0
Current creditors, non-interest-bearing123.2117.1163.0
Liabilities714.5699.7800.8
Equity ratio, %70.371.368.3
Gearing, %4.0-2.1-10.4
Cash flow from operations per share, EUR0.280.361.41
Interest-bearing net debt, EUR mill.-79.6-117.8-168.0
Number of shares at June 30, 2004, thousands53 24751 38452 629
Weighted average number of shares, thousands52 24050 97151 111
Contingent liabilities, Group EUR millions

30.6.04 30.6.03 31.12.03

Mortgages on land and buildings1.71.71.7
Pledges0.20.10.1
Other commitments52.563.659.1
Total54.465.460.8
Lease agreements on business premises, EUR millions

30.6.04 30.6.03 31.12.03 Minimum rents payable on the basis of binding lease agreements on business premises

Within one year58.550.454.1
After one year379.0320.5417.0
Total437.5370.8471.1
Derivative instruments

30.6.04 30.6.03 31.12.03 Nominal value

Foreign exchange derivatives64.711.811.7
Interest rate derivatives35.035.035.0
Fair value
Foreign exchange derivatives-0.3-0.1-0.1
Interest rate derivatives-0.7-1.3-0.9
Derivatives have been made for hedging purposes.

Profit and loss account, Group quarterly, EUR millions

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

Net turnover348.8336.0418.1327.7
Other operating income2.30.00.00.0
Raw materials and services230.2232.9270.7221.1
Staff expenses51.247.855.944.2
Depreciation7.67.37.57.0
Other operating expenses46.146.351.845.2
Operating profit15.91.632.110.1
Financial income and expenses,2.03.12.51.6
total
Profit before extraordinary items17.94.834.611.6
Extraordinary items0.00.00.00.0
Profit before taxes17.94.834.611.6
Direct taxes (corresponding to2.61.410.93.4
profit before taxes)
Minority interest0.00.00.00.0
Profit for the period15.43.423.78.3
Earnings per share, EUR
Basic0.300.060.460.16
Diluted0.290.060.460.15
Profit and loss account, Group quarterly, EUR millions

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

Net turnover348.3318.7391.8306.7
Other operating income2.612.80.00.0
Raw materials and services237.9225.5249.2207.6
Staff expenses48.946.055.140.7
Depreciation7.17.17.37.1
Other operating expenses44.042.447.641.5
Operating profit13.110.532.79.7
Financial income and expenses,2.22.02.21.5
total
Profit before extraordinary items15.312.534.811.2
Extraordinary items0.00.00.00.0
Profit before taxes15.312.534.811.2
Direct taxes (corresponding to4.43.69.13.3
profit before taxes)
Minority interest0.00.00.00.0
Profit for the period10.88.925.77.9
Earnings per share, EUR
Basic0.220.170.490.16
Diluted0.220.170.490.16
Sales by division, EUR millions

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

Department Store Division212.4199.6276.2192.4
Vehicle Division126.4117.9114.9115.1
Hobby Hall47.056.670.154.4
Seppälä33.528.641.032.5
Real Estate5.45.05.04.7
Eliminations-5.1-4.8-4.7-4.5
Total419.6402.9502.5394.5
Sales by division, EUR millions

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

Department Store Division198.6184.0258.0183.4
Vehicle Division137.2113.2103.498.5
Hobby Hall53.557.870.253.5
Seppälä30.626.239.933.3
Real Estate4.95.24.76.0
Eliminations-4.7-5.0-3.4-5.4
Total420.2381.4472.7369.3
Net turnover by division, EUR millions

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

Department Store Division178.4167.8230.8160.9
Vehicle Division103.496.894.394.5
Hobby Hall38.947.359.145.3
Seppälä27.623.633.826.7
Real Estate5.45.45.25.0
Eliminations-5.0-5.0-5.1-4.8
Total348.8336.0418.0327.7

Net turnover by division, EUR millions

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

Department Store Division166.0155.4214.7153.7
Vehicle Division112.693.185.181.2
Hobby Hall44.648.358.744.7
Seppälä25.221.632.827.4
Real Estate5.15.75.16.3
Eliminations-5.2-5.4-4.6-6.6
Total348.3318.7391.8306.7
Operating profit by division, EUR millions

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

Department Store Division8.80.726.47.3
Vehicle Division1.21.90.12.0
Hobby Hall-1.0-0.70.9-2.6
Seppälä4.2-0.86.72.6
Real Estate3.63.83.33.3
Other operating income2.30.00.00.0
Eliminations-3.2-3.2-5.3-2.5
Total15.91.632.110.0
Operating profit by division, EUR millions

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

Department Store Division7.9-1.827.76.0
Vehicle Division1.81.71.01.9
Hobby Hall-1.0-0.71.0-0.7
Seppälä2.7-1.96.02.0
Real Estate3.64.23.64.0
Other operating income2.612.80.00.0
Eliminations-4.4-3.9-6.6-3.6
Total13.110.532.79.7

This Interim Report is unaudited.

Helsinki, August 11, 2004

STOCKMANN plc

Hannu Penttilä CEO

DISTRIBUTION Helsinki Exchanges Principal media

A press and analyst conference will be held today, August 11, 2004, at 14.15 at the World Trade Center, Aleksanterinkatu 17, Helsinki.





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