What: Both sales and profitability improved.

Why it is important: The Stockmann Group’s revenue increased by 1.2% and was EUR 198.5 million. Net result amounted to EUR 19.5 million.

Both the Lindex division and the Stockmann division strengthened sales and profitability. The adjusted operating result improved to EUR -2.4 million. The operating result was EUR -2.9 million (9.8). The gross margin decreased to 56.4%.

In 2023, Stockmann expects the Group’s revenue to be in the range of EUR 960–1 020 million and the Group’s adjusted operating result to be EUR 60–80 million. The guidance is based on the assumption that the continuing high inflation will increase costs from 2022 and have an adverse impact on consumer demand.

The department store is being transformed into a destination hub that offers customers an inspiring environment not only for shopping but for entertainment and socialising as well. Stockmann is therefore refocusing on the Helsinki flagship experience. As the first step of this journey, a new inspirational children’s section has been built in the Helsinki flagship store. Another example of ongoing strategic repositioning is an expanded range of luxury and affordable luxury brands: Louis Vuitton’s store opened in Stockmann’s Helsinki flagship store. The partnership is an important step towards the targeted position.

Stockmann Group’s 2023 Q1 sees a positive start to the year