Russia Bests Nordic States for Stockmann
Published: April 30, 2013 (Issue # 1757)
ST. PETERSBURG (SPT) — Finnish department store Stockmann has announced in its Interim Report for January 1 — March 31, 2013, that Russia will be its best market this year as a weak European economy has slowed local shopping at home.
The Stockmann store in St. Petersburg outperformed all other units in revenue growth, while its Finnish operations performed particularly poorly, the company said.
“The Russian market is likely to continue to perform better than the Nordic markets, provided that the price of oil does not significantly drop from its current level.”
Stockmann said its first-quarter operating loss widened to 34.6 million euros ($45.2 million) from a loss of 20.9 million euros ($27.3 million) a year earlier, in line with warnings the company issued earlier this month.