STOCKMANN’S 2011 OPERATING PROFIT ESTIMATED TO DECLINE ON 2010
Helsinki, Finland, 2011-09-30 11:00 CEST (GLOBE NEWSWIRE) —
STOCKMANN plc, Company Announcement 30.9.2011 at 12:00 EET
The Stockmann Group’s target for 2011 has been an improvement in its full-year operating profit compared with 2010. At the release of its January-June interim report, the company stated that attaining this target will be a challenge because of a weak earnings performance in the first half of the year and requires that there will be no significant slowdown in economic growth for the rest of the year.
Because of the as-of-yet unsolved issues concerning the European debt crisis, economic growth forecasts for the final months of 2011 have rapidly deteriorated, which has also weakened consumer confidence. Stockmann still estimates that its revenue and operating profit will improve in the final quarter of the year, which is a decisive period for the full-year earnings performance.
However, Stockmann expects in the current circumstances that the Group’s 2011 operating profit will decline on 2010.
Hannu Penttilä, CEO, tel. +358 9 121 5801
Pekka Vähähyyppä, CFO, tel. +358 9 121 3351
Nasdaq OMX Helsinki Oy