Turnover of Stockmann retailer in Baltics grows 24.7% in H1

• Published date: 22 July 2022
• Publication title: LETA

RIGA, July 22 (LETA) - Turnover of Finnish retailer Stockmann in the Baltic states in the first half of 2022 grew 24.7 percent against the same period last year to EUR 33.8 million, according to the company's statement to the Nasdaq stock exchange.

In the second quarter of 2022, Stockmann's turnover in the Baltic states was EUR 17.8 million, an increase of 15 percent against April-June 2021.

The company indicated that its operations in the Baltic states were increasingly affected inflation rates which are among the highest in the European Union (EU). According to Eurostat data, Estonia's June inflation was 22 percent, while Latvia recorded a 19 percent inflation rate, which weakened consumer confidence. At the beginning of the year retail trade showed good recovery trends, but in May and June the growth started to slow down.

The turnover of Stockman stores in the first half of 2022 was EUR 143.1 million, which...