Finnish retailer Stockmann sees better times ahead

1 min read
FILE PHOTO: People walk past Stockmann shopping center in Helsinki

HELSINKI – Finnish premium department store chain Stockmann on Friday posted a rise in fourth-quarter earnings and said it expected the positive development to continue as long as no major COVID-19 restrictions are imposed anymore.

The 160-year-old retailer, which has gone through heavy cost cutting and debt management, said its October-December operating profit was 50.6 million euros ($56.8 million), up from a loss of 256 million in the same quarter a year ago.

($1 = 0.8913 euros)

(This story corrects dateline to February 25 from February 24)

(Reporting by Anne Kauranen; Editing by Shri Navaratnam)

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