STOCKMANN GROUP'S REVENUE IN DECEMBER 2010 AND PRELIMINARY INFORMATION ON 2010 RESULTS
FULL-YEAR OPERATING PROFIT IMPROVES BUT IS BELOW EARLIER ESTIMATE
Helsinki, Finland, 2011-01-12 08:00 CET (GLOBE NEWSWIRE) --
STOCKMANN plc, Company Announcement 12.1.2011 at 9.00 EET
STOCKMANN GROUP’S REVENUE IN DECEMBER 2010 AND PRELIMINARY INFORMATION ON 2010 RESULTS; FULL-YEAR OPERATING PROFIT IMPROVES BUT IS BELOW EARLIER ESTIMATE
The Stockmann Group’s preliminary revenue in December 2010 increased by 11.1 per cent to EUR 228.6 million. The Department Store Division’s revenue increased by 14.5 per cent; up 7.5 per cent in Finland and up 41.4 per cent abroad. Revenue increased in all markets but the growth was strongest in Russia, where the Department Store Division’s euro-denominated revenue increased by 59.8 per cent. Sales have started well in the new St Petersburg department store in Stockmann’s Nevsky Centre shopping centre, opened in mid-November, and contributed substantially to the sales growth in Russia.
Lindex’s euro-denominated revenue increased by 7.6 per cent; down 3.3 per cent in Finland and up 9.1 per cent abroad. The increase in the euro-denominated revenue abroad was attributable to the strengthened Swedish krona and Norwegian krone as well as to favourable growth in the new markets in Russia, the Czech Republic and Slovakia. Calculated in local currencies, the revenue was down in Sweden and Norway by a total of 2.8 per cent.
Seppälä’s revenue was down 1.2 percent. Revenue was down 6.0 per cent in Finland and up 12.6 per cent abroad. Revenue increased in all markets abroad but the most significant increase in sales volume was reached in Russia, where Seppälä’s revenue was up 18.6 per cent.
The Stockmann Group’s preliminary revenue, exclusive of Hobby Hall’s discontinued operations abroad, for the full year 2010 increased by 8.0 per cent to EUR 1 823.2 million. Revenue came close to the 2008 figure, before the global financial crisis. Revenue was up 7.8 per cent in the Department Store Division, 9.8 per cent in Lindex, and 2.6 per cent in Seppälä.
Sales volumes of Lindex and Seppälä in the last quarter of 2010 and during the holiday sales were lower than had been estimated. Sales for the Department Store Division developed as expected. According to the preliminary figures, the Department Store Division and Seppälä will improve their full-year operating profit compared with 2009. Lindex's operating profit, on the other hand, will fall behind the excellent result of 2009 due to its performance in the last quarter of the year.
The Stockmann Group’s operating profit for the full year will improve compared to 2009, but due to the fourth-quarter performance, it will not reach the 15-30 per cent year-on-year growth assessment specified in the January-September Interim Report.
Stockmann will publish its financial statement bulletin on 10 February 2011 at 8 a.m. EET.
Revenue (exclusive of VAT) in December
Department Store Division, Finland
Department Store Division, international operations
Department Store Division, total
Lindex, international operations
Seppälä, international operations
Real estate + others
Operations in Finland, total
International operations, total
Stockmann total, continuing operations
Hobby Hall, international operations
Change-%: change compared with the corresponding period of the previous year.
Hannu Penttilä, CEO, tel. +358 9 121 5801
Pekka Vähähyyppä, CFO, tel. +358 9 121 3351