CEO's review


CEO Jari Latvanen,  Stockmann Group’s Interim Management Statement Q3/2021 (29.10.2021):

Stockmann Group’s third quarter was very strong. The operating result improved by EUR 18.9 million compared to the reference period. Lindex made its best quarterly result ever, EUR 31.6 million, and the Stockmann division improved its performance clearly, by EUR 4.7 million, reaching a positive result. Due to the increasing vaccination rate, the customer flows started to reach healthier levels in the third quarter.

Lindex generated an outstanding result due to increased sales in all markets and business areas, and a very high gross margin. Sales in the brick-and-mortar stores were boosted due to higher visitor levels, and the strong development in the online store continued.

For the first time since the fourth quarter in 2019, the Stockmann division delivered a positive result, slightly above zero. Sales in the brick-and-mortar stores increased clearly during the third quarter and changed the balance between the sales channels. Both channels showed healthy growth during the quarter. The Riga Delicatessen was re-opened in September after being closed and renovated for two months.

The execution of Stockmann’s restructuring programme has proceeded according to the plan.