Lindex, the fashion brand owned by Finnish retail giant Stockmann, has had a remarkable third quarter in 2021. The company experienced positive growth in both its department stores and the Lindex brand, resulting in a consolidated revenue of €237.8 million, a 12% increase compared to the same period last year. Additionally, the gross margin improved from 57.4% to 59.5%, leading to an operating profit of €33.2 million.

This positive trend has continued throughout the first nine months of the year, with consolidated sales rising by 8.8% to €621.5 million and operating profits reaching €31.8 million. This is a significant improvement from the loss of €14 million in the previous year. The CEO, Jari Latvanen, attributes this success to the increasing vaccination rate and the resulting improvement in customer flows during the third quarter.

Lindex, in particular, has achieved outstanding results, recording its best quarterly result ever of €31.6 million. The brand saw increased sales in all markets and business areas, accompanied by a high gross margin. Despite some lingering limitations, the easing of Covid restrictions allowed Lindex to reach 2019 sales levels in its physical stores. Furthermore, online sales experienced significant growth compared to 2019.

In a positive turn of events, the Stockmann division also delivered positive results for the first time since the fourth quarter of 2019. Sales in the stores noticeably increased during the third quarter, and both the online and brick-and-mortar channels showed healthy growth. Overall, customer volume remained consistent with the previous year.

The strong performance of Stockmann and Lindex reflects the recovery of the department store sector, highlighting the resilience and adaptability of these retail brands. As vaccination rates increase and Covid restrictions ease, consumer confidence is returning, resulting in improved sales and profitability.

Looking ahead, Stockmann and Lindex are well-positioned to continue their growth trajectory and capitalize on the resurgence of the retail industry.

Useful links:
1. Lindex Official Website
2. Stockmann Group Official Website