June 12, 2014 / 10:16 AM / in 4 years

Stockmann cuts 2014 outlook after weak May sales

HELSINKI, June 12 (Reuters) - Finnish department store and fashion chain Stockmann on Thursday cut its outlook for the second time in two months due to weaker-than-expected demand at its Finnish stores.

Stockmann said May sales fell 8.3 percent from a year ago and without a considerable change in the market environment in the latter half of the year its operating profit would end up “significantly weaker than in 2013”.

In April 29, the company had said it expected 2014 operating profit “not to exceed the figure for 2013”.

“Demand of non-food products has continued to be weaker than expected in the Finnish market during the second quarter,” Stockmann said on Thursday, adding that a weak Russian rouble was also hurting results.

Shares in the company fell 3.5 percent after the announcement. (Reporting by Jussi Rosendahl; editing by Jason Neely)

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