Brief: Stockmann Q3 Operating Result Rises To EUR 11.7 Million

Lindex Oyj

30/10/2020 06:09

Oct 30 (Reuters) - Stockmann Oyj Abp  STCBV.HE :
    * STOCKMANN GROUP'S INTERIM MANAGEMENT STATEMENT, 1
JANUARY-30
SEPTEMBER 2020
    * Q3 CONSOLIDATED REVENUE WAS EUR 207.6 MILLION (225.3),
DOWN 6.8%
IN COMPARABLE CURRENCY RATES
    * REVENUE FOR YEAR 2020 WILL BE ON A LOWER LEVEL THAN IN
PREVIOUS
YEAR AND OPERATING RESULT WILL BE LOSS-MAKING.
    * Q3 OPERATING RESULT WAS EUR 11.7 MILLION (2.1).
    * Q4 IS ASSOCIATED WITH GREATER UNCERTAINTY THAN NORMAL DUE
TO
CORONAVIRUS SITUATION
    * COVID-19 PANDEMIC HAS A SIGNIFICANT NEGATIVE IMPACT ON
ENTIRE
STOCKMANN GROUP'S BUSINESS OPERATIONS
    * VISITOR TRENDS IN BRICK AND MORTAR STORES STARTED TO
RECOVER
TOWARDS NORMAL LEVEL DURING Q3  UNTIL CHANGES RESULTING FROM
COVID-19
    * PROPOSAL FOR RESTRUCTURING PROGRAMME IS IN PROCESS AND
RESTRUCTURING PROGRAMME DRAFT WILL BE FILED BY 11 DECEMBER 2020
    * WILL CONTINUE ADAPTING COST STRUCTURE IN VIEWS OF
SITUATION IN
OUR OPERATING ENVIRONMENT.
    * RENTAL NEGOTIATIONS FOR STOCKMANN DIVISION'S DEPARTMENT
STORES
WILL CONTINUE
    * PROPOSAL FOR RESTRUCTURING PROGRAMME IS IN PROCESS ANDTHE
RESTRUCTURING PROGRAMME DRAFT WILL BE FILED BY 11 DECEMBER 2020.
    * PRECONDITIONS FOR VIABLE BUSINESS EXIST AND A SOLID
RESTRUCTURING PROGRAMME CAN BE ESTABLISHED
    * ONLINE SALES GROWTH IS NOT SUFFICIENT TO COMPENSATE FOR
SIGNIFICANT DECLINE IN CUSTOMER VOLUMES IN THESE EXCEPTIONAL
CIRCUMSTANCES
    * DURING Q3 OTHER OPERATING INCOME CAME TO EUR 2.8 MILLION
AS A
RESULT OF PUBLIC FUNDING RELATED TO COVID-19 SITUATION

Source text for Eikon:  ID:nWkr4TNm8K 
Further company coverage:  STCBV.HE 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))