Stockmann with an encouraging end of the year

Stockmann Group reported an encouraging last quarter for 2021, as Lindex reported increased revenues and the department stores showed encouraging signs of turnaround.

Despite the nascent signs of growth for the department store division, Lindex is the dominant division in the group. With revenues 78% higher than for the department stores and growing by a solid 27%, Lindex marked it’s biggest revenue quarter since Q4/2015.

The department store division reported some growth from Q4/2020 (7,8%) in revenues. However, the revenues are still significantly lower than the pre-pandemic levels (-20%).

The biggest disappointment in the department store numbers were the online sales.

Online represents only 16,7% of sales and the online sales were down by -16,5% from the year before. Majority of Stockmann’s international counterparts have 30+% of revenue coming from online, some go even above 50%. This is remains to be a big missed opportunity.

The most positive news from the department store division was the profit level, which was significantly above the pre-pandemic levels.