The Stockmann Group’s Financial Statements Bulletin 2022

The Stockmann Group’s annual revenue and profit clearly improved with an all-time high revenue and operating result for Lindex

STOCKMANN plc, Financial Statement Release, 24.2.2023 at 8.00 EET


October–December 2022:

- The Stockmann Group’s revenue decreased by 1.8% and was EUR 272.6 million (277.5).
- Gross margin stood at 57.4% (57.7).
- The adjusted operating result was EUR 26.1 million (29.6).
- Operating result was EUR 24.6 million (50.6).
- Earnings per share were EUR 0.11 (0.23).
- Net result for the quarter amounted to EUR 17.6 million (35.3).
- Lindex’s operating result and revenue in Swedish krona improved, but revenue and operating result declined in reported currency.
- The Stockmann division continued to improve revenue while operating result declined due to higher depreciation and lower other operating incomes. 


January–December 2022:
- The Stockmann Group’s revenue increased 9.2% and was EUR 981.7 million (899.0).
- Gross margin decreased to 57.9% (58.6).
- The adjusted operating result improved to EUR 79.8 million (68.3).
- Operating result improved to EUR 154.9 million (82.1).
- Earnings per share were EUR 0.65 (0.42).
- Net result for the period amounted to EUR 101.6 million (47.9).
- The Lindex division achieved all-time high revenue and operating result.
- The Stockmann division improved annual revenue and operating result.


Guidance for 2023:
In 2023, Stockmann expects the Group’s revenue to be in the range of EUR 960–1 020 million and the Group’s adjusted operating result to be EUR 60–80 million, subject to foreign exchange rate fluctuation. The guidance is based on the assumption that the continuing high inflation will increase costs from 2022 and have an adverse impact on consumer demand. At the same time, the Stockmann Group continues taking firm measures to minimise the impacts of cost increases.

Market outlook for 2023:
The current challenging geopolitical situation and the high inflation level are expected to continue. However, inflation is predicted to slow down compared to the latter part of the year 2022. This, together with high interest rates, is forecast to have a negative impact on consumer confidence and purchasing power. The retail market is expected to remain challenging due to lower consumer demand and increased purchasing prices and operating costs. The risk of potential disruptions in the supply chains and international logistics cannot be excluded, either.  


CEO Jari Latvanen:
In 2022, the Stockmann Group’s revenue grew by more than 9%, which, together with efficient cost management, clearly improved the adjusted operating result in both divisions. I was especially pleased that, despite the challenging macro-economic situation, the Lindex division achieved an all-time high operating result. In addition, the Lindex division reached the important milestone of revenue exceeding SEK 7 billion. The good work in the division is paying off.


The Stockmann division also had solid revenue growth and improved the adjusted operating result significantly. I was delighted to see that customers returned to both Lindex and Stockmann stores after the pandemic. Overall, the revenue performance and operating result for the year was a very good achievement in a difficult market situation in which COVID-19 during early part of the year, the war in Ukraine and heavily increased inflation had an adverse impact on the business environment.


The Stockmann Group’s fourth-quarter revenue declined slightly due to a decrease in sales in the Lindex division, owing to an unfavourable rate of exchange from the Swedish krona to the euro. At the same time, the Stockman division’s revenue grew, thanks to successful Christmas sales.


The adjusted operating result declined for the Stockmann Group in the fourth quarter. The Lindex division improved profitability quarter-on-quarter in Swedish krona, which can be considered an excellent achievement in the present market. During 2022, both raw material costs and freight prices increased heavily, which, together with a historically strong US dollar, resulted in an extensive cost increase for purchase of goods for both the fourth quarter and the full year. To maintain good customer value, the increased costs were not fully passed on in customer prices. Despite the challenges, the Lindex division’s gross margin and operating result was not affected during the fourth quarter, thanks to fewer markdowns and efficient cost control. At the same time, the performance of the Stockmann division is progressing well and the division generated profits during the fourth quarter despite higher rental and energy costs.


During 2022, the Stockmann Group continued implementing the strategies of both of its divisions. We continued developing both our on-line sales platforms and brick and mortar stores, enhancing our presence in our selected markets and developing the offering and service. The Lindex division gained one million new registered customers and made a successful launch of the Female Engineering products. The Stockmann division gained over 82 000 new loyalty programme customers and made good progress in customer experience, with the Emotional Value Index (EVI) rising from 49 to 58. In addition, the Stockmann division is improving its financial performance step by step. The Group has a solid cash position and a well-balanced inventory level at the end of 2022, which serves as a good start for 2023.


We continue to develop the sustainability of our operations. As part of our diligent sustainability work, we completed the calculation of the Stockmann Group’s carbon footprint based on Science Based Target (SBT) requirements. As a retailer, we also want to strengthen our position with regard to the circular economy to support our customers in more responsible consumption.


The Stockmann Group has proven its effectiveness in both divisions’ strategies and we will continue the active implementation of these, listening to customers carefully and observing the volatile operating environment closely. We prepare for the future by evaluating strategic options and financing for the period after the corporate restructuring. Regardless of the challenging circumstances in 2022, our great teams once again showed their strong commitment to our common targets. I would therefore like to thank them all for their excellent work during the year 2022.








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The Stockmann Group consist of two business divisions: the Lindex fashion company and Stockmann, a multichannel retail company with premium department stores. In addition to their brick-and-mortar stores, both companies have online stores. The Stockmann Group’s strategy is based on shared strengths and opportunities with two divisional strategies. The two divisions share an outlook characterised by the utmost strategic importance of customer centricity, an omnichannel approach and strong brands to build future growth.


The Stockmann Group’s strategic priorities are the following;
- Providing the best customer experience and achieving the highest customer loyalty by successful development of the omnichannel operating model
- Using the strong brands and offering to enhance customer loyalty
- Maintaining and developing a strong commitment to fair and responsible business models and practices
- Seeking growth and efficiency together with third parties in order to extend
our range of meaningful products and services as well as reach new customers groups
- Securing sustainable business by seeking growth in revenue, better cost-efficiency and efficient capital utilisation in order to improve the Group’s profitability and financial stability.


According to the Lindex division’s long-term strategy, Lindex aims to be a global, brand-led, sustainable fashion company. This means growth in digital revenue, both in its own online sales as well as in collaborations with global digital fashion platforms, improved cost efficiency and also growth with new businesses, while meeting sustainability targets.


The Lindex division’s purpose is to empower and inspire women everywhere. This is done through actions as a company and through a progressive fashion experience. The customers, co-workers and partners are all part of this ambition. Lindex is digital first and powered by people. To fulfil the purpose and vision, Lindex has made a promise: to make a difference for future generations. The purpose includes all dimensions of sustainability and is divided into three areas: empower women, respect the planet and ensure human rights. A considerable part of Lindex’s affordable product range is resilient to the economic downturn.


The Stockmann division’s purpose in all encounters with its customers, partners, co-workers and other stakeholders is to make a new impression, every day. The division’s vision is to create a marketplace for a good life. Customer centricity – in other words, the capability to understand customers and to serve them in the way they choose and to provide a unique customer experience – is the core of the strategy. The Stockmann division provides a curated merchandise selection in fashion, beauty, home and food combined with various services for customers in eight department stores as well as in the online store. Products sold under the Stockmann division’s own brands are considered to be resilient also during the economic downturn. The Stockmann promise to customers is to create a feeling that lasts. The professional and service-minded personnel delivers this promise.




The restructuring programme is proceeding according to plan, which means that all Stockmann’s department store properties have been sold and all interest-bearing debt has been paid except for the bond of EUR 67.5 million. The department store property in Tallinn was sold in December 2021 and the agreement for the sale of the Riga department store property was signed in December 2021 with closure in January 2022. The department store property in Helsinki city centre was sold in April 2022, and the last confirmed restructuring debt was paid.


Other measures and undertakings, as specified in Stockmann plc’s restructuring programme, were completed during 2021, and are explained in the 2021 annual report.


There are still disputed claims regarding the termination of lease agreements that must be settled before the restructuring process can end. These claims are further explained under Business Continuity, Risks and Financing Situation.




COVID-19 affected the Stockmann Group’s sales in 2020, when the number of visitors fell dramatically in physical stores. During 2020, both divisions managed to increase digital sales, but this did not fully compensate for the decline in sales in the physical stores. In 2021, physical traffic partly recovered again at various speeds in the sales markets. At the beginning of 2022, there were still restrictions in some markets, which affected stores. Since April 2022, all restrictions have been eased up and sales have recovered. Compared with pre-pandemic levels in 2019, merchandise sales during the full year of 2022 increased by 15.1% in the Lindex division and decreased by 14.1% in the Stockmann division.




Stockmann Group’s Annual Report, Financial Review, Remuneration Report, Corporate Governance Report and Corporate Responsibility Report for 2022 will be published during the week beginning 27 February 2023 (week 9).


Financial Statements Bulletin 2022
This company announcement is a summary of the Stockmann's Financial Statements Bulletin 2022 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company's website at


Press and analyst briefing & webcast
A press and analyst briefing will be held in English today, on 24 February 2023 at 10:00 a.m. EET in the Stockmann Lounge on the 4A floor in Stockmann’s Helsinki city centre department store, entrance from the F staircase on the Pohjoisesplanadi side. The event can also be followed as a live webcast by this link. The recording and presentation material will be available on the company's website after the event.


Further information:
Jari Latvanen, CEO, tel. +358 9 121 5606
Annelie Forsberg, CFO, tel. +46 706 43 00 59




Jari Latvanen


Nasdaq Helsinki
Principal media


Stockmann's Financial Statements Bulletin 2022.pdf