Stockmann sales down 22%

2009-08-11



During the period January-June 2009, sales generated by the Finnish retailer Stockmann Group in Russia fell by 22% year on year and amounted to €96.1m. Revenue also fell by 22% and comprised €82.1m – down from €105.6m one year ago. At the same time, operational loss decreased from €22.6m to €17.5m. The decline in sales can be attributed to the depreciation of the rouble and the closure of the company’s flagship store Kalinka-Stockmann in Moscow in May.
During the period in question Stockmann launched a new 8,000 m² department store in the Metropolis shopping centre in Moscow. This opening required a total investment of €14.2m, of which €2.8m was spent in H1 2009. Stockmann also spent €23.4m during the first six months of the year on the construction of a business centre in St. Petersburg, which is expected to be completed in summer 2010. In addition, the group opened one Lindex and two Seppala stores in Russia, while two Bestseller stores were closed.