9 Sep 2009 19:30

Stockmann boosts sales in Russia 13% in August

MOSCOW. Sept 9 (Interfax) - Finnish retailer Stockmann increased sales in Russia 13% in the ruble equivalent in August 2009 compared to August 2008, the company said in a press release.

The company had one more store in operation in August than it did in the same month of last year.

Stockmann's total sales fell 13.7% to 160.4 million euros in August. Sales at its Finnish stores fell 15.1% to 57.2 million euros, while sales outside of Finland declined 18.5% to 20.5 million euros.

Total sales fell 12.1% to 1.255 billion euros in January-August 2009 compared to the same period of 2008. Sales in Finland declined 11.8% to 470.9 million euros, while sales abroad fell 24.1% to 169.8 million euros.

Stockmann was founded in Finland in 1862. It entered the Russian retail market in 1989. In Russia, Stockmann owns four stores in Moscow, 21 Seppala stores in various regions, 18 Bestseller stores, five Nike stores and one Lindex store.