Stockmann posts €24m profits in half-year report

Turnover for the retailer was about the same as in the first half of last year - 280 million euros - but profits were higher.

Image: Emmi Korhonen / Lehtikuva

Finnish department store chain and online retailer Stockmann made a 24-million-euro profit during the first half of the year, the company announced on Thursday.

Turnover for the retailer was about the same as last year - 280 million euros. However profits were higher than last year's 15 million euros.

The improved results suggest that the firm, which has stumbled in recent years as it closed stores, sold off parts of its businesses, changed leadership and laid off staff, is again on track with its financial outlook this year. However, the company said its most important sales seasons this year still lay ahead.

The company's CEO said that Stockmann's situation is good, noting that its sale of the Book House (the home of the Academic Bookstore) in downtown Helsinki had been finalised. The firm is also actively seeking buyers for its property at Nevsky Centre in St. Petersburg, Russia.

The Stockmann-owned women's fashion chain Lindex did particularly well, according to the company. Lindex saw increased sales across all of its markets, garnering some eight million euros in profit.

The firm also reported that its online sector was its fastest growing sales channel, saying it has boosted the selection of goods available by 56 percent to some 60,000 products, and said it aims to further increase that figure.