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Stockmann Oyj Abp Confirms FY 2013 Revenue Guidance and Lowers FY 2013 Operating Profit Guidance; Company Starts Cooperation Negotiations with Employees Regarding Temporary Layoffs


Tuesday, 16 Apr 2013 02:15am EDT 

Stockmann Oyj Abp announced that for the fiscal year 2013, it expects its revenue excluding the terminated franchising operations to increase compared to the fiscal year 2012, and the operating profit (EBIT) is expected not to exceed the figure reported for the fiscal year 2012. Previously, the Company expected its revenue to increase in 2013 compared to the fiscal year 2012, excluding the terminated franchising operations, and operating profit to be higher in 2013 than in 2012. The Company reported consolidated revenue of EUR 2,116.4 million for the fiscal year 2012. According to I/B/E/S Estimates, analysts on average are expecting the Company to report revenue of EUR 2,167.82 million for the fiscal year 2013. In addition, the Company decided to launch a cost savings program that will lower expenses from summer 2013 onwards. Stockmann’s cost savings program also aims to improve the cost structure in the long run. As an immediate step, co-determination negotiations with the personnel will be started regarding temporary lay-offs. The proposal is to lay off all personnel in the Department Store Division in Finland and the Group Administration for 12 working days. The negotiations affect approximately 5,000 people and the target is to achieve savings of approximately EUR 7 million by summer 2014. 

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