Lindex Group: The Swedish clothing market rose a bit in July

Translation: Original comment published in Finnish on 08/14/2024 at 3:23 pm EEST

Source: Svensk Handel *Inderes’ estimate

July figures for the Swedish clothing market were published yesterday. July sales increased by 1.5%. Increased tourism was mentioned in the release as a reason for the growth, but we believe the change is also within normal monthly fluctuation. For the first half year as a whole, the Swedish clothing market grew by 0.7%.

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). For the Lindex segment, we expect Q3'24 revenue development to be roughly at the level of the comparison period in local currencies. Thus, the development in July is slightly better than our forecast for the whole quarter, but the difference does not cause a need for changes in the forecast at this point. The development of SEK and NOK, which together account for around 70% of the Lindex segment’s sales, also affects the company’s figures. The FX impact this year is clearly lower than in previous years and is not expected to be significant in Q3’24 (+1% in our forecasts).