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Stockmann doesn’t say anything about the name change in the financial statements – but the result is better

Department store group Stockmann presented its financial statements for 2023 on Friday. In the last quarter of 2023, turnover increased to 274.3 million euros from the comparison period’s 272.6 million euros.

In the full year 2023, the company’s turnover decreased to 951.7 million euros from 981.7 million euros, but in local currencies it is still an increase.

The adjusted operating profit for the full year amounted to EUR 80.0 million. Also, a slight improvement from 79.8 million euros in 2022.

“Despite the challenges in the market situation due to continued high inflation, high interest levels and geopolitical uncertainties, the group managed to improve its profitability,” says the CEO Susanne Ehnbåge in a press release.

Ehnbåge is pleased that the company is managing to improve the numbers despite the weak krona. According to the company, exchange rates had a negative impact of EUR 5.7 million on the adjusted operating profit.

“However, the improvement in local currencies was considerable. The Lindex division outperformed average market growth, and adjusted operating profit hit an all-time high,” she says.

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