Stockmann's outlook for 2020
Interim Management Statement Q1 2020, published 30.4.2020:
The global outbreak of the coronavirus has caused significant changes in the operating environment of the Stockmann Group, resulting in an extreme decline in customer volumes and cash flow. The uncertainties in the global economy are expected to remain during 2020 and the coronavirus situation will have a significant impact on the world economy. The retail market is expected to remain challenging due to changes in consumer behavior and confidence, which are also affected by the coronavirus situation.
On 18 March 2020 Stockmann revised its guidance: Due to the rapid changes in the business environment, Stockmann’s previous outlook, published on 13 February 2020, is not valid anymore. Stockmann will provide a new guidance when the visibility in our markets is clearer.
Stockmann is working on drawing up a proposal for the restructuring programme, which according to the decision of the District Court, must be filed before 11 December 2020.