Stockmann: Swedish clothing market down 3 % in September
Source: Svensk Handel *Inderes’ estimate
Translation: Original comment published in Finnish on 10/10/2023 at 7:21 am EEST.
The September figures for the Swedish clothing market were published this morning. Comparison figures to 2019 levels are no longer published, but the comparison figure for August 2022 (vs. 2019) was 3%, i.e., sales were at pre-pandemic levels. Sales were slowed by exceptionally warm weather. During January-September, the market has grown by 2.5% and Q3 growth was just over 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 Q3'23 revenue expects a 1% decline, still depressed by the much weaker SEK and NOK, which together account for around 70% of Lindex's sales. In our estimates, the negative impact of exchange rates is around 6% and therefore our growth expectation in local currencies is around 5%. Against this background, the development in July-September is weaker than we expected. Our Q3 revenue estimates are therefore under slight downward pressure. However, we do not think this is significant for the year as a whole.
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Lindex Group
Lindex Group operates in the retail industry. The Group manages a number of stores around larger shopping centers and commercial premises located in the Nordic market. The Group is a reseller of several brands and the range consists of shoes and associated accessories. The company is headquartered in Helsinki.
Read more on company pageKey Estimate Figures26.09.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 981.7 | 964.5 | 970.0 |
growth-% | 9.20 % | -1.75 % | 0.57 % |
EBIT (adj.) | 79.8 | 82.2 | 71.0 |
EBIT-% (adj.) | 8.13 % | 8.52 % | 7.32 % |
EPS (adj.) | 0.32 | 0.22 | 0.20 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 6.07 | 14.98 | 16.96 |
EV/EBITDA | 2.95 | 5.82 | 5.71 |