Lindex Group: The Swedish clothing market decreased in February

Translation: Original published in Finnish on 03/13/2025 at 08:36 am EET

Source: Svensk Handel *Inderes’ estimate

The February figures for the Swedish clothing market were published this morning. Sales decreased by 4%, mainly due to the calendar effect, as last year February had one more day due to the leap year. For the first two months of the year, the market was at the same level as last year.

Sweden accounts for more than half of the Lindex chain’s sales

Sweden is Lindex's largest market and accounts for more than half of the sales of the Lindex chain (but not the whole group which is also called Lindex). Our Q1'25 revenue forecast for the Lindex segment is approximately 2% growth in local currencies. The January-February market development in Sweden was 0%, i.e. somewhat lower. On the other hand, women's clothing, which plays a major role at Lindex, has grown by as much as 6% in the first two months of the year, and also by price range, the segments relevant to Lindex have performed better than the market as a whole. The development of SEK and NOK, which together account for around 70% of the Lindex segment’s sales, also affects the company’s figures. The FX impact is slightly negative in Q1’25 in our estimates and turns positive thereafter. However, SEK has strengthened in March, which is not yet reflected in our forecasts. For the Group as a whole, Lindex has guided for 0-4% growth in local currencies this year.

Sweden accounts for more than one-third of Björn Borg’s revenue

Sweden is Björn Borg’s largest market, accounting for around 35% of the company’s total revenue. We estimate that the company will experience around 5% growth in the Swedish market in Q1’25, above the January-February market performance in Sweden. We believe that Björn Borg’s Q1 revenue growth in the Swedish market will be mainly driven by its own e-commerce channel (around 30% y/y), while the wholesale segment is expected to show relatively flat growth.