SWEDEN: Lindex focuses on Baltics after resurgent Q3
Swedish clothing retailer Lindex Group has reported third quarter operating profit of SEK143m (US$20.75m), as it balanced the closure of its German operation.
Lindex's sales rose to SEK1,328m for the quarter, increasing by 0.5%, with same-store sales falling by 0.7%. Excluding the German operation, Lindex's sales rose to 2.5% to reach SEK1,274m.
During the first nine months of 2006/2007 Lindex's sales fell 0.5% to SEK 3,882m, while same store sales excluding the currency effect fell by 1.4%. Operating profit for the year so far amounted to SEK292m, including second quarter one-off structural costs of SEK90M for the closure of its German operation.
Lindex president and CEO Göran Bille said: "During the quarter, we continued our long-term work aimed at improving product supply and further strengthening the product range. We have also focused extensively on cost control and the closure of our German operation.
"During the quarter, we started e-commerce in Sweden and we are very satisfied with the favourable reception this sales channel has enjoyed. The interest shown by customers has exceeded our expectations. As a result we are accelerating our e-commerce activities and we also expect to start e-commerce on additional markets during autumn 2008.
"We have also established a successful first operation in Lithuania. Lindex currently has stores in all the Baltic countries and is now an established fashion brand. We expect to have a total of around 25 stores in the three Baltic States at the end of the 2008/2009 financial year."
Help test our new apparel sourcing tool.
Here is a list of the top ten stories published on just-style during the past year. To read the stories in full, please click on the headlines....
Nordic fashion chain KappAhl saw margins improve during the company's first quarter, despite sales not quite living up to expectations....
Bakers Footwear Group has posted third quarter net loss of US$15.3m, from net loss of $2.6m in the corresponding period last year, with results disappointing after an aggressive clearance of its sanda...
Swedish fashion retailer Lindex has announced that with its EUR870m (US$1.25bn) takeover offer from department store operator Stockmann complete, the Finnish chain had acquired more than 96% of the sh...
Swedish retail giant H&M has posted November sales up 14%, with its growth rate above the corresponding month last year but below the previous two months of this year....
Swimwear retailer Groupe Bikini Village has narrowed its third quarter net loss to CAD$1.2m (US$1.17m), from a loss of $1.4m in the prior year period, and says it has benefited from investments in new...
Spain's Inditex, the world's second biggest clothing retailer and owner of the Zara chain, saw its shares dip after recording lower than expected sales for the first nine months of the year....
Hat and footwear company Genesco has today begun a court trial that it hopes will secure a stalled US$1.5bn buyout offer from The Finish Line....
- Why collaboration is key to fashion supply chains
- Rana Plaza four years on – Timeline of change
- Industry groups reaffirm commitment to Bangladesh
- Trump and Brexit get a dose of pragmatism
- Where does VF supply chain sit in growth strategy?
- Adidas to digitalise Speedfactory concept
- Nike filed patent for "reinforced denim"
- M&S extends sourcing deal with Lindsey brothers
- US Q1 in brief – Columbia Sportswear, Amazon
- Gap unveils five-year sustainable fibres pledge
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar