Stockmann cuts outlook after "exceptionally weak" quarter

HELSINKI, April 16 Tue Apr 16, 2013 1:31am EDT

HELSINKI, April 16 (Reuters) - Finnish department store owner Stockmann slashed its outlook for 2013 after an "exceptionally weak" first quarter, and said it will put workers on furlough to save costs.

The company estimated a January-March operating loss of 34.5 million euros, compared to a 29.9 million euro loss a year earlier, and said consumer spending in the Nordics would likely remain weak for the rest of the year.

It forecast 2013 operating profit to be weaker than a year earlier. It previously expected an improvement.

(Reporting by Ritsuko Ando)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.