Stockmann-owned Lindex to initiate a cost saving programme – targets to reduce costs by approximately EUR 14.5 million
STOCKMANN Oyj Abp, Press release 25.8.2020 kl. 8:00 EET
In order to minimize the negative financial impact of the current coronavirus situation, Lindex has adapted its operations with rapid and effective measures. Despite this, Lindex revenue declined by approximately 18% during the second quarter. Although the sales development turned to growth towards the end of the second quarter, the full-year result will not reach the targets set for it.
For this reason, and in order to secure its operations in the future, Lindex will initiate a cost saving programme aimed at reducing costs globally by approximately EUR 14.5 million, which will mainly be realized from 2021 onwards. The savings will be achieved, among other things, by optimizing Lindex’s store network, measures to adapt the head office’s organization, streamlining operations and personnel resources in the operating countries and cutting fixed costs related to business premises.
Kristina Hermansson, Corporate communication manager, Lindex, tel. +46 31 7395070
Jari Latvanen, CEO, Stockmann plc, tel. +358 9 121 5606
Henna Tuominen, Director, Communications, CSR and IR, Stockmann plc, tel. +358 50 5705080