HELSINKI: Retail giant Stockmann’s sales in 2015 declined by nearly 13 percent (12.9%) with the main reason attributed to the group’s disinvestment of its business.
In Finland, the 2015 sales dropped by over 16 percent and in abroad the sales dropped by more than 9 percent.
Sales posted by Lindex grew by 0.3 percent.
Stockmann divested part of its business last year and carried out statutory negotia-tions.
The group sold Seppälä, Academic Bookstore and sold its operations in Russia.
In a revised release, Stockmann said the December 2015 sales was down by 14.9 percent. December 2015 Sales in Finland dropped by nearly 25 percent and nearly 3 percent in abroad.
“In 2015, the Stockmann Group implemented its strategy determinedly and with-drew from several operations that were outside its core business. Stockmann will also withdraw from its retail business in Russia. In the future we will focus on re-tail under the Stockmann and Lindex brands, and our real estate operations,” said Per Thelin, CEO of Stockmann in the release.
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