Finland-based Stockmann Group's revenue ascends 9.2% in FY22

27 Feb '23

2 min read

Pic: Lindex

Stockmann Group, a leading retail company in Finland, has reported a revenue increase of 9.2 per cent to €981.7 million in fiscal 2022 (FY22), compared to the previous fiscal. The company posted an improved adjusted operating result of €79.8 million, up from €68.3 million in the previous year. However, the gross margin decreased to 57.9 per cent from 58.6 per cent.

The company's net result for the year amounted to €101.6 million, compared to €47.9 million in the previous year, and earnings per share were €0.65, up from €0.42, Stockmann Group said in a press release.

The Lindex division achieved an all-time high revenue and operating result in FY22, while the Stockmann division improved its annual revenue and operating result.

For the fourth quarter of 2022, Stockmann's revenue decreased by 1.8 per cent year-on-year (YoY) to €272.6 million, while the gross margin stood at 57.4 per cent. The adjusted operating result was €26.1 million. The company's net result for the quarter amounted to €17.6 million, down from €35.3 million in the previous year.

Looking ahead, the company has issued guidance for the fiscal 2023, expecting the group's revenue to be in the range of €960 million to €1.02 billion, and the group's adjusted operating result to be €60 million to €80 million, subject to foreign exchange rate fluctuation.

“In 2022, the Stockmann Group’s revenue grew by more than 9 per cent, which, together with efficient cost management, clearly improved the adjusted operating result in both divisions. I was especially pleased that, despite the challenging macro-economic situation, the Lindex division achieved an all-time high operating result. In addition, the Lindex division reached the important milestone of revenue exceeding Swedish krona (SEK) 7 billion. The good work in the division is paying off,” said Jari Latvanen, CEO.

Fibre2Fashion News Desk (DP)

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