Support The Moscow Times!

Stockmann Shows Weak H1

Finnish retail group Stockmann, which operates six department stores in Russia, said it would have a hard time meeting its full-year target of profit growth after weak results in the first half.

Stockmann said second-quarter operating profit fell to 25.6 million euros ($36.06 million) from 30.9 million euros a year earlier, below the market's average forecast for 27.5 million in a Reuters poll.

"The group is still targeting an operating profit for 2011 that is up on the previous year. Its achievement will be challenging due to the weak earnings realized in the first half of the year and requires that there will be no significant slowdown in economic growth for the rest of 2011," it said Wednesday.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.