The target market of Kesko, Tokmanni and Lindex’ Stockmann, i.e., the department store and hypermarket chains, remained at the level of the comparison period (+0.4%) in July. The development was positive for food (+2%), but revenue in the consumer goods market continued its downward trend (-3.3%).

July figures for the Swedish clothing market were published yesterday. July sales increased by 1.5%. Increased tourism was mentioned in the release as a reason for the growth, but we believe the change is also within normal monthly fluctuation. For the first half year as a whole, the Swedish clothing market grew by 0.7%.

Sales of the Finnish department store and hypermarket chains, i.e. the target market of Kesko, Tokmanni and Lindex, decreased by 2% in May to 779 MEUR.

Lindex Group's turnover remained at the level of the comparison period and the profit decreased slightly, both slightly below our forecasts. The instructions updated from the beginning of the week were of course unchanged. The company's CEO Susanne Ehnbåge commented on the past quarter in an interview with analyst Rauli Juva.

Lindex Group’s revenue was at the level of the comparison period and the result decreased slightly, both coming in a tad below our forecasts. The guidance which was updated earlier this week naturally remained unchanged.

Lindex Group cut its full-year revenue guidance yesterday but maintained its adjusted operating result guidance, i.e. 70-90 MEUR, our updated forecast is 75 MEUR. The company will report its Q2 results on Friday at 8:30 am EEST.

The June figures for the Swedish clothing market were published this morning. June sales were down about 6% due to factors such as cool weather and the weak economy, as consumers continued to be cautious in their purchasing decisions, according to the release.

The May figures for the Swedish clothing market were published this morning. Sales in May were up 5%, supported as expected by favorable spring/summer weather after a soft April.