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Stockmann Q1 loss widens 12.3% YOY

Stockmann Oyj ABP said its normalized net income for the first quarter amounted to a loss of 48 euro cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 60 cents per share.

The per-share loss grew 12.3% year over year from 43 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €34.7 million, compared with a loss of €30.9 million in the prior-year period.

The normalized profit margin declined to negative 8.5% from negative 7.8% in the year-earlier period.

Total revenue fell on an annual basis to €380.4 million from €395.6 million, and total operating expenses decreased on an annual basis to €430.3 million from €439.5 million.

Reported net income came to a loss of €56.2 million, or a loss of 78 cents per share, compared to a loss of €40.3 million, or a loss of 56 cents per share, in the year-earlier period.