Q3 2024 Lindex Group Oyj Earnings Call Transcript
Key Points
- The Stockmann division showed profit improvement due to successful cost efficiency measures.
- Lindex division experienced strong digital growth of 8.6% during the quarter.
- The new omnichannel distribution center is expected to generate annual savings of EUR10 million by 2026.
- The Stockmann division's gross margin increased to 45.3% due to better clearance and inventory management.
- Lindex Group is implementing a new operating model to enhance decision-making and accountability, supporting future growth and profitability.
- The group's revenue for the third quarter declined by 2.1% due to lower stock availability and adverse market conditions.
- Lindex division's adjusted operating result declined to EUR21.1 million due to lower revenue and increased costs.
- Logistical challenges, particularly in Bangladesh, led to lower stock availability, impacting sales.
- The group's net result declined to EUR1.8 million, mainly due to lower revenue and increased costs.
- Lease payments have been increasing, particularly relative to revenue declines, due to contractual obligations and prolonged lease agreements.
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Good morning, everyone. I'm Susanne Ehnbåge, CEO of Lindex Group.
I would like to warmly welcome you to our webcast where we will walk you through the key highlights of our January to September performance. But before we start, let me first introduce you to our new CFO, Henrik Henriksson.
Henrik joined the group in September and it's great that we can already now present the result first time here together in this webcast as well. So, a warm welcome once again to our team and to Lindex Group.
Now let's continue to the agenda.
We will start with the third quarter business updates for our two divisions, Lindex and The Stockmann and then look at the financials more closely.
We will finish with an update on our way forward. And after the presentation, we will have time for your question.
And if you take a look at the next page and we will begin with our business update and take a look at the group level messages for the quarter.
During the third quarter, the fashion
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