Lindex Group: Swedish clothing market flat year-on-year in October

Translation: Original published in Finnish on 11/13/2024 at 8:30 am EET.

The October figures for the Swedish clothing market were published this morning. Sales in October increased by 0.4% year-on-year. Due to minor changes made earlier in the year, the cumulative figure for the year was not published, but we estimate it to be around 1%.

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 Q4'24 revenue forecast for the Lindex segment is approximately 2% growth in local currencies, which was slightly missed by the market development in October. Lindex underperformed the market somewhat in Q3 due to logistics issues. Although, as far as we know, these issues should not affect Q4 significantly, they could still have a small negative impact. 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 this year is clearly lower than in previous years and is not expected to be significant in Q4’24 (-1% in our forecasts). Our forecast for the Lindex Group expects the full-year result to remain at 68 MEUR, which is below the company's guidance of 70-80 MEUR.