Finland Times

 

Stockmann logo in Helsinki August 13, 2014. Photo – Lehtikuva.

Retail giants Stockmann has said that the Group’s operating result, excluding non-recurring items, will be negative in 2014. 

 

Stockmann, in a release, said that the Group’s operating profit in 2014 is expected to be significantly weaker than in 2013.

 

The retail giant attributed the change in profit guidance for the year to weaker-than-estimated performance, particularly in Seppälä’s business, and unstable outlook for the rest of 2014.

 

The Stockmann Group’s revenue was down 13.9 per cent on the previous year and amounted to EUR 133.3 million in September 2014. Stockmann said weak exchange rates of the Russian rouble, Swedish krona and Norwegian krone continued to negatively affect euro-denominated revenue. 

 

Stockmann said its department stores' Crazy Days campaign achieved a relatively good sales result in October, but both revenue and operating result in September were low in all businesses. Revenue from the Crazy Days campaign remained at the previous year's level at comparable exchange rates.