Translation: Original comment published in Finnish on 11/10/2023 at 7:25 am EET

Source: Svensk Handel *Inderes’ estimate

The October figures for the Swedish clothing market were published this morning. Comparison figures to 2019 levels are no longer published, but the comparison figure for October 2022 (vs. 2019) was 0%, i.e., sales were 4% above pre-pandemic levels due to price increases. We believe sales were supported by cooler weather, when in September the warm weather weakened sales. During January-October, the market grew by close on 3%.

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 Q4'23 revenue expects a 4% decline, still depressed by the much weaker SEK and NOK than in the comparison period, which together account for around 70% of Lindex's sales. In our estimates, the negative impact of exchange rates is around 6% and, thus, our growth expectation in local currencies is around 2%. In light of this, the development in October is slightly better than our expectations, but considering monthly fluctuations, there is still no significant deviation from our forecast.