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Analyst Comment

Stockmann: Swedish clothing market grew by 4% in May

By Rauli JuvaAnalyst
Lindex Group

Translation: Original comment published in Finnish on 6/13/2023 at 8:23 am.

We consider the development good, although Svensk Handel that publishes the statistics claims that volume development was still negative. Comparison figures to 2019 levels are no longer published, but the comparison figure for May 2022 was strong (9% above 2019 levels), so compared to this we feel the growth was a good performance. During January-May, the market grew by 2%.

Source: Svensk Handel *Inderes’ estimate

Sweden accounts for more than half of Lindex’s sales

Sweden is Lindex's largest market and generates more than half of Lindex's sales. Our estimate for Lindex’s Q2'23 revenue expects a 7% decrease, depressed by weaker SEK and NOK than in the comparison period as they usually represent around 2/3 of Lindex’s sales. At current exchange rates, SEK weakened by about 8% and NOK by over 10% compared to the year before. The positive development of the Swedish market has been slightly better than we expected, but on the other hand, the currencies have continued to weaken during the quarter, so we see no need to change our estimates in EUR.

Lindex Group operates in the retail sector. The Group manages a number of stores in major shopping centres and large commercial premises located throughout the Nordic market. The Group is a retailer of several brands and the range consists of clothing, shoes and related accessories. The company has its headquarters in Helsinki.

Read more on company page

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