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HELSINKI, February 26. /TASS/. Operating loss of the Finnish retailer Stockmann in Russia increased by 4.5 times in 2014 amid ruble plunge to €28.7 million, Stockmann Group reported Thursday. The company’s revenues in Russia dropped 20.5% compared with the previous year to €286.9 million, the report said. Meanwhile, in Q4 2014 revenues of Stockmann stores in Russia in ruble terms rose 7.7%.
The sharp fall of the Russian ruble negatively influenced the company’s 2014 financials as Russia, together with Finland, is one of the key markets for Stockmann Group.
Earlier it was reported that Stockmann launched a cost reduction program, which implies closure of three Stockmann stores in Russia by the end of 2016. All these shops are located in MEGA shopping malls in Moscow. The company will keep two outlets in the Russian capital, closer to the city center, and will continue to run its stores in St. Petersburg and Yekaterinburg.
Stockmann also plans to close the chain of women’s wear stores Lindex, which currently comprises 16 outlets in Russia.
In August 2014, Stockmann announced plans to close up to 80% of its Seppala stores in Russia because they did not make profit.
The company said the cost reduction program was aimed at saving €50 million a year.
Stockmann is a Finnish company engaged in the retail trade. Its three business divisions are the Department Store Division, the Lindex and Seppala fashion chains. Stockmann has 16 department stores and over 700 stores in 16 countries. The retailer has been present in Russia since 1989, where it has 30 Seppala stores, 16 Lindex stores and 8 Stockmann department stores.