Stockmann reported better-than-expected second-quarter results on Thursday, thanks to increased sales at its fashion chain Lindex, but warned that its department stores would remain in the red in the full year.
Lindex owner and department stores operator Stockmann had a little bit of good news in its Q1 results report, even though it still made a hefty loss and the turnaround programme will see it speeding up store closures.
Stockmann’s Performance is getting better but the firm isn’t in the clear yet as the Lindex chain owner is still facing big challenges. One of the biggest is that Lindex operation which is finding sales growth elusive.
Finnish department store and fashion chain group Stockmann on Thursday put its flagship Helsinki department store property and other real estate assets forward as collateral for a €650m ($765m) refinancing package.
Lindex, Stockmann’s troubled fashion operation, is continuing to drag down the results of its parent company, the firm said Friday. While Stockmann’s own turnaround is progressing, albeit slowly, Lindex is struggling.
Last week it announced lower sales and profit. And this week? Ingvar Larsson, CEO of Lindex is leaving with Elisabeth Peregi, currently the Country Manager of Lindex Sweden, named as interim CEO with immediate effect.