Brief: Stockmann Q2 Operating Result Swings To Loss Of EUR -3.1 Million

Lindex Oyj

24/07/2020 06:08

July 24 (Reuters) - Stockmann Oyj Abp  STCBV.HE :
    * STOCKMANN GROUP HALF YEAR FINANCIAL REPORT, 1 JANUARY-30
JUNE
2020
    * PREVIOUS GUIDANCE, PUBLISHED ON 13 FEBRUARY 2020, IS NO
LONGER
VALID.
    * STOCKMANN OYJ ABP  Q2 CONSOLIDATED REVENUE WAS EUR 182.7
MILLION
(242.3)
    * WILL PROVIDE A NEW GUIDANCE ONCE VISIBILITY IN OUR MARKETS
IS
CLEARE
    * STOCKMANN OYJ ABP  Q2 OPERATING RESULT WAS EUR -3.1
MILLION
(10.2)
    * CUT OUR COSTS SIGNIFICANTLY THROUGH FURLOUGHS AND OTHER
COST
SAVING MEASURES.
    * PANDEMIC ALSO HAD A LARGE IMPACT ON OPERATIONS OF LINDEX
STORE
CHAIN IN ALL MARKET AREAS.
    * IN TERMS OF REVENUE, WE PERFORMED BETTER THAN EXPECTED IN
MARCH-JUNE, ESPECIALLY IN HOME AND BEAUTY CATEGORIE
    * COMPANY'S CASH RESERVES HAS BEEN SIGNIFICANTLY
STRENGTHENED.
    * STRONG GROWTH IN ONLINE SALES OF BOTH STOCKMANN AND LINDEX
CONTINUED IN Q2
    * DURING FIRST HALF OF YEAR, STOCKMANN DIVISION LAUNCHED
AROUND 50
NEW BRANDS
    * ADJUSTMENT MEASURES IN LINDEX AND STOCKMANN, WITH COST
SAVINGS
PROGRAMME, REDUCED GROUP'S FIXED COSTS BY ABOUT EUR 35 MILLION
    * ONLINE SALES GROWTH IS NOT SUFFICIENT TO COMPENSATE
SIGNIFICANT
DECLINE IN CUSTOMER VOLUMES IN THESE EXCEPTIONAL CIRCUMSTANCES.

Source text for Eikon:  ID:nWkr4C03Rw 
Further company coverage:  STCBV.HE 

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