Lindex Group: Swedish clothing market down 6% in June

Translation: Original comment published in Finnish on 7/12/2024 at 9:27 am EEST.

The June figures for the Swedish clothing market were published this morning. June sales were down about 6% due to factors such as cool weather and the weak economy, as consumers continued to be cautious in their purchasing decisions, according to the release. H&M also said at the beginning of last month that it expected weak sales in June. For the first half year as a whole, the Swedish clothing market grew by 0.6%.

Sweden accounts for more than half of the Lindex chain’s sales

Sweden is Lindex's largest market and accounts for more than half of the sales of the Lindex chain (but not the whole group which is also called Lindex). Our Q2'24 revenue forecast for the Lindex segment is 4% growth in local currencies. The actual market development in Sweden turned slightly negative in April-June, so the market development in Sweden puts some downward pressure on our forecasts. The development of SEK and NOK, which together account for around 70% of the Lindex segment’s sales, also affects the company’s figures. However, the FX impact will clearly decrease this year at current exchange rates and will not be significant in Q2'24.