Stockmann plc, a company engaged in retail trade, posted 17.6 per cent revenue decline to €168.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to €207.2 million in same period prior year. Group reported that sales in January–February were on a healthy level with 3.5 per cent growth. However, sales declined 49.1 per cent in March.
Stockmann plc, a company engaged in retail trade, posted 17.6 per cent revenue decline to €168.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to €207.2 million in same period prior year. Group reported that sales in January–February were on a healthy level with 3.5 per cent growth. However, sales declined 49.1 per cent in March.#
“After the first week of March, the coronavirus epidemic in Europe has caused significant changes in the operating environment of the Stockmann Group, with customer volumes decreasing suddenly,” Jari Latvanen, CEO at Stockmann, said in a press release.
Stockmann plc, a company engaged in retail trade, posted 17.6 per cent revenue decline to €168.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to €207.2 million in same period prior year. Group reported that sales in January–February were on a healthy level with 3.5 per cent growth. However, sales declined 49.1 per cent in March.#
Revenue of Lindex divison were 13.2 per cent down to €99.4 million. Online sales for the division jumped 36.6 per cent during Q1. Limdex reported a strong digital focus throughout the quarter. Lindex also successfully launched Lindex Baby Home in first quarter.
Stockmann plc, a company engaged in retail trade, posted 17.6 per cent revenue decline to €168.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to €207.2 million in same period prior year. Group reported that sales in January–February were on a healthy level with 3.5 per cent growth. However, sales declined 49.1 per cent in March.#
Revenue of Stockmann dicison fell 25.7 per cent to €68.9 million. Online sales grew 73.5 per cent with Crazy days online store growth of 82 per cent. In March, Stockmann opened two new services for its customers, Sales services and Gift services. The customer can order products by phone and get them delivered home or to a recipient the same day.
Stockmann plc, a company engaged in retail trade, posted 17.6 per cent revenue decline to €168.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to €207.2 million in same period prior year. Group reported that sales in January–February were on a healthy level with 3.5 per cent growth. However, sales declined 49.1 per cent in March.#
“Despite continued strong growth in the online stores of Stockmann and Lindex in recent weeks, the online sales growth cannot compensate for the drastic decline in customer volumes in the current exceptional situation,” Latvanen said.
Stockmann plc, a company engaged in retail trade, posted 17.6 per cent revenue decline to €168.4 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to €207.2 million in same period prior year. Group reported that sales in January–February were on a healthy level with 3.5 per cent growth. However, sales declined 49.1 per cent in March.#
We will continue our operations and serve our customers in the best possible way. Our primary goal at the moment is to secure the preconditions for profitable business, the jobs of our employees and to continue developing the Group’s healthy business operations for the future.”
Fibre2Fashion News Desk (JL)
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