2012-04-27 07:00:02 CEST
2012-04-27 07:00:27 CEST
REGULATED INFORMATION
Stockmann - Interim report (Q1 and Q3)
Stockmann Group’s Interim Report, 1 January - 31 March 2012
Operating result improved by EUR 14 million from previous year
Helsinki, Finland, 2012-04-27 07:00 CEST (GLOBE NEWSWIRE) -- STOCKMANN plc,
Interim Report 27.4.2012 at 8.00 EET
January - March 2012:
Consolidated revenue up 10.4 per cent to EUR 450.3 million (EUR 407.7 million).
Operating result was EUR -16.2 million (EUR -29.9 million).
Result for the period was EUR -20.9 million (EUR -34.8 million).
Earnings per share came to EUR -0.29 (EUR -0.49).
CEO Hannu Penttilä:
The Stockmann Group's revenue increased in the first quarter of 2012 in all
business divisions. The St Petersburg department store boosted the revenue
growth in Russia, but I am particularly proud that all our market areas
improved their sales despite the uncertain market environment.
There are indications that the market for affordable fashion is improving after
the slow performance in 2011. The fashion market in Sweden grew in March after
a year of declining sales. Lindex has gained market share both in Sweden and in
other markets.
Stockmann's first quarter operating result is typically negative due to
seasonal variation. This year good sales volumes reduced the relative share of
costs and increased the operating result by almost EUR 14 million. Lindex
performed very well, particularly in March. We were able to improve operating
profit in Russia significantly, thanks to increased revenue in the department
stores. This provides a solid foundation for achieving a positive full-year
operating profit in Russia, excluding Bestseller operations.
The Crazy Days campaign, which took place after the reporting period, in April,
again reached a new revenue record with a growth of 13 per cent. This gives us
an excellent start for the second quarter and we are well positioned for good
performance in the rest of 2012, keeping in mind the volatile market, which may
cause disruptions in consumer behaviour. Stockmann's full-year operating profit
is expected to be above the figure for 2011, provided that the market sentiment
does not significantly worsen.
Outlook for the rest of 2012
The unstable state of the world economy and the unresolved European debt crisis
create a challenging basis for assessing the future outlook, especially the
long-term retail market development. The market sentiment is currently more
positive than earlier this year.
The Russian market is likely to continue to perform better than the Nordic
countries, provided that the price of oil does not drop significantly from its
current level. The growth of consumer markets in the Baltic countries is
expected to continue. However, high uncertainty and low consumer confidence may
continue to affect consumers' willingness to purchase in all markets.
The market for affordable fashion developed poorly in 2011, particularly in
Sweden. There are indications that the market will improve in 2012.
Stockmann's decision to discontinue the loss-making Bestseller franchising
operation during 2012 will have a minor impact on revenue in Russia, but will
improve operating profit from 2013 onwards. Stockmann's target is to achieve a
positive operating profit, excluding Bestseller operations, in Russia in 2012.
During 2012, Stockmann will concentrate on gaining the full benefit of its
recently completed capital expenditure projects as well as on the efficient use
of capital. Additionally, attention will be given to improving cost efficiency
in all units. The Group's capital expenditure is estimated to be clearly lower
than depreciation, and to amount to approximately EUR 50 million in 2012.
Stockmann expects the Group's revenue and operating profit to be above the
figures for 2011, provided that the market sentiment does not significantly
worsen.
Key figures
1-3/2012 1-3/2011 1-12/2011
Revenue, EUR mill. 450.3 407.7 2 005.3
Revenue growth, % 10.4 9.4 10.1
Relative gross margin, % 48.0 47.4 48.7
Operating profit, EUR mill. -16.2 -29.9 70.1
Net financial costs, EUR mill. 8.7 8.3 34.4
Profit before tax, EUR mill. -24.9 -38.3 35.7
Profit for the period, EUR mill. -20.9 -34.8 30.8
Earnings per share, undiluted, EUR -0.29 -0.49 0.43
Equity per share, EUR 11.30 11.13 12.11
Cash flow from operating activities, EUR mill. -73.3 -145.4 66.2
Capital expenditure, EUR mill. 10.3 23.8 66.0
Net gearing, % 112.5 119.7 95.3
Equity ratio, % 38.5 36.8 42.2
Number of shares, undiluted, weighted average, 1 71 841 71 146 71 496
000 pc
Return on capital employed, 4.8 4.3 4.1
rolling 12 months
Personnel, average 15 057 15 552 15 964
This company announcement is a summary of Stockmann's Interim Report Q1/2012
and includes the most relevant information of the report. The complete report
is attached to this release as a pdf file and is also available on the
company's website at www.stockmanngroup.fi.
Press and analyst briefing and conference call
A press and analyst briefing in Finnish will be held today, on 27 April 2012 at
9.15 a.m. at the F8 Tema restaurant on the 8th floor of Stockmann's Helsinki
city centre department store, Aleksanterinkatu 52.
A conference call in English will be held today, on 27 April 2012 at 11.15 a.m.
EET. To participate the conference call, please dial +358 9 8864 8511 and, when
requested, key in the meeting room number *657899* including the asterisks. The
presentation material will be available for downloading on the company's
website from 9.15 a.m. EET onwards.
Further information:
Hannu Penttilä, CEO, tel. +358 9 121 5801
Pekka Vähähyyppä, CFO, tel. +358 9 121 3351
www.stockmanngroup.fi
STOCKMANN plc
Hannu Penttilä
CEO
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NASDAQ OMX
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