Stockmann: Swedish clothing market down 2% in November
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Source: Svensk Handel *Inderes’ estimate
Translation: Original comment published in Finnish on 12/12/2023 at 8:32 am EET.
The November 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 14%, meaning that sales in November 2023 were more than 10% above pre-pandemic levels. We expect this to be due to price increases and the higher significance of the Black Week campaigns in November. From January to November, the market grew by 2%.
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 forecast for Lindex's Q4'23 net sales is 2% growth in local currencies, well in line with the Swedish market growth of just over 1% in October-November. The development of SEK and NOK, which together account for around 70% of Lindex's sales, also affect the company’s figures. In our forecasts, the negative impact of FX rates is around 6% and therefore our current forecast for Q4 net sales is a decline of 4%. The recent strengthening of the Swedish krona puts some upward pressure on the forecast for exchange rates, although the impact will be more pronounced for next year.
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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 Figures17.11.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 981.7 | 949.9 | 970.1 |
growth-% | 9.20 % | -3.24 % | 2.13 % |
EBIT (adj.) | 79.8 | 81.8 | 71.0 |
EBIT-% (adj.) | 8.13 % | 8.61 % | 7.32 % |
EPS (adj.) | 0.32 | 0.22 | 0.20 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | 6.07 | 15.77 | 17.21 |
EV/EBITDA | 2.95 | 5.81 | 5.81 |
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