Stockmann: In December, the Swedish clothing market was at the level of the comparison period
By Rauli Juva
Translation: Original comment published in Finnish on 1/11/2024 at 8:45 am EET
The December figures for the Swedish clothing market were published this morning. Comparison figures to 2019 levels are no longer published, but the comparison figure for December 2022 (vs. 2019) was 2%, so December 2023 sales were slightly above pre-pandemic levels, although we believe this was due to price increases. Market growth for the whole year 2023 was good 2%.
Source: Svensk Handel *Inderes’ estimate
Sweden accounts for more than half of Lindex’s sales
Sweden is Lindex's largest market and generates more than half of Lindex's sales. Our forecast for Lindex’s Q4’23 revenue is 2% growth in local currencies, of which the actual growth in Q4 in the Swedish market is 1%. The development of SEK and NOK, which together account for around 70% of Lindex's sales, also affect the company’s figures. In our forecasts, the negative impact of FX rates is around 4 % and thus our current forecast for Q4 revenue in EUR is a 2% decline. The sluggish development of the Swedish market toward the end of the year brings marginal negative risk to our Q4 forecast.
Lindex Group
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3.10
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Lindex Group operates in the retail industry. The Group manages a number of stores around larger shopping centers and commercial premises located in the Nordic market. The Group is a reseller of several brands and the range consists of shoes and associated accessories. The company is headquartered in Helsinki.
Read more on company pageKey Estimate Figures2023-12-19
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 981.7 | 951.9 | 975.1 |
| growth-% | 9.20 % | -3.04 % | 2.44 % |
| EBIT (adj.) | 79.8 | 82.3 | 72.0 |
| EBIT-% (adj.) | 8.13 % | 8.65 % | 7.38 % |
| EPS (adj.) | 0.32 | 0.22 | 0.20 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 6.07 | 12.36 | 13.32 |
| EV/EBITDA | 2.95 | 5.16 | 5.17 |
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