Stockmann: Swedish clothing market grew by 4% in May

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.