Stockmann's outlook for 2020
Interim Management Statement Q3 2020, published on 30 October 2020:
The outbreak of the coronavirus epidemic has caused significant changes in the Stockmann Group’s operating environment, and it has had a material impact on the company’s customer volumes and cash flow.
Uncertainty in the global economy is expected to persist throughout 2020, and the coronavirus pandemic is having a significant impact on the economy across the world. The retail market is expected to remain challenging due to changes in consumer behaviour and confidence, which are also affected by the coronavirus situation.
Stockmann updated its guidance on 30 October 2020: The COVID-19 pandemic has a significant negative impact on the entire Stockmann Group’s business operations. The fourth quarter is associated with greater uncertainty than normal due to the coronavirus situation. The revenue for the year 2020 will be on a lower level than in the previous year and the operating result will be loss-making.
Earlier guidance for 2020: Due to the rapid changes that took place in the business environment, Stockmann’s previous guidance, published on 13 February 2020, is no longer valid. Stockmann will provide a new guidance once visibility in our markets is clearer.
Stockmann is working on drawing up a draft restructuring programme, which according to the decision of the District Court, must be filed before 11 December 2020.