The president of apparel retailer Lindex has agreed to step down in light of a predicted second quarter loss.

Jorgen Johansson, who took on the role in August 2001, will be replaced in the short term by acting president Conny Karlsson.

The search for a permanent replacement has already begun.

Lindex is forecasting a loss of SEK55 million for the three-month period on projected sales of SEK1.36 billion.

The company blamed overly optimistic purchasing volumes and a subsequent increase in write-downs and reductions for the predicted slump.