What: Stockmann of Finland has announced results for the year 2020. Consolidated revenue  was EUR 790.7 m, down 16.9% on the previous year. The result for the period was EUR – 291.6 m compared to EUR – 45.6 m a year earlier. According to management, the fourth quarter was profitable. Personnel numbers have shrunk from 7002 to 5991 over the year.

Why it is important: The group’s restructuring programme was recently approved by the Helsinki District Court. The restructuring programme is based on the continuation of Stockmann’s department store operations, the sale and lease-back of the department store properties located in Helsinki, Tallinn and Riga and the continuation of Lindex’s business operations as a fixed part of the Stockmann Group. the company will sell the real estate assets it owns in Helsinki city centre, Tallinn and Riga. The received realisation result of the company’s real estate assets will primarily be used to pay secured debts.

The company has negotiated new market-based lease agreements containing smaller premises than in the previous lease agreements for all its department stores and the office space in Pitäjänmäki, Helsinki.

Stockmann Group’s Financial Statements Bulletin 2020