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Lindex Group's revenue increased in the first quarter, adjusted operating result impacted by transition costs related to the omnichannel distribution centre
LINDEX GROUP plc, Interim report 28.4.2026 at 8.30 EEST
Lindex Group's Interim Report 1 January-31 March 2026
Lindex Group's revenue increased in the first quarter, adjusted operating result impacted by transition costs related to the omnichannel distribution centre
January-March 2026:
- Lindex Group's revenue increased by 3.7% to EUR 193.0 (186.0) million. The revenue increased by 0.8% in local currencies.
- The Lindex division's revenue was EUR 133.7 (126.3) million. The revenue increased by 5.8%, and by 1.5% in local currencies.
- The Stockmann division's revenue was on par with the comparison period at EUR 59.3 (59.8) million and grew in comparable terms. - The Group's gross margin was 58.5% (57.4).
- The Group's adjusted operating result decreased to EUR -11.9 (-8.7) million.
- The Lindex division's adjusted operating result declined to EUR -4.3 (-0.3) million due to increased operating costs and higher depreciations.
- The Stockmann division's adjusted operating result improved to EUR -6.2 (-7.3) million, driven by increased gross profit and lower operating costs. - Operating result was EUR -13.1 (-9.5) million.
- Net result was EUR -20.3 (-20.2) million.
- Basic earnings per share were EUR -0.12 (-0.13).
- Diluted earnings per share were EUR -0.12 (-0.12).
Guidance for 2026 (unchanged):
In 2026, Lindex Group expects its revenue to grow in local currencies compared to 2025. The Group's adjusted operating result is estimated to be EUR 70−95 million. Foreign exchange rate fluctuations may have a significant effect on the adjusted operating result.
Market outlook for 2026:
The macroeconomic situation in Lindex Group's main markets has remained volatile as geopolitical uncertainty and the risks for global trade disturbances have increased. Potential unexpected or prolonged negative developments might slow down the economic growth of the Group's key markets as for example higher energy prices, caused by the increased geopolitical tensions, may weigh on real incomes and increase inflationary pressures. While GDP (Gross Domestic Product) growth forecasts for 2026 have remained stable in the Group's key markets, the outlook is more uncertain than previously anticipated. Consumer confidence remains fragile and weakened during the reporting period. The situation may vary across the Group's different markets, and disruptions in supply chains and international logistics during the year cannot be excluded.
CEO Susanne Ehnbåge:
During the first quarter of 2026, the strategy implementation of Lindex Group's both divisions, Lindex and Stockmann, progressed well. In the Lindex division, we continued to expand our market presence in the Nordics and transitioned Lindex's e-commerce operations to the new omnichannel distribution centre as part of our strategic omnichannel growth journey. The Stockmann division delivered its eighth consecutive quarter of improved results, supported by the systematic and successful implementation of cost and organisational efficiency measures, in line with its strategy.
Our most important investment project - the highly automated omnichannel distribution centre of the Lindex division - reached an important milestone during the quarter, as we transitioned Lindex's e-commerce operations to the new centre and closed the last remaining separate warehouse. Work to gradually reach full operations continues. Bringing all warehousing and logistics under one roof will support both cost and operational efficiency as well as enabling growth going forward.
During the quarter, we were pleased to see a continued gradual recovery of the fashion market in our home markets, despite the macroeconomic challenges. The Group revenue increased by 3.7% to EUR 193.0 (186.0) million, due to Lindex's revenue improvement of 5.8%, driven by a strong commercial offering and proactive clearance sales activities. Stockmann's revenue was on par with the previous year and increased in comparable terms. Stockmann's fashion category performed in line with the market development. Both divisions reported an improvement of gross profit and gross margin.
The Group's comparable operating costs increased mainly due to the transition of the e-commerce stock to the new omnichannel distribution centre. The transition increased the workload at the warehouse operations and had a negative impact on the distribution of Lindex customers' e-commerce orders affecting the digital revenue.
The Group's adjusted operating result decreased to EUR -11.9 (-8.7) million. The Lindex division's adjusted operating result decreased to EUR -4.3 (-0.3) million, mainly due to increased operating costs and higher depreciations. Stockmann's adjusted operating result was EUR -6.2 (-7.3) million. We clearly see room for improvement in the Group's performance during the first quarter. However, the underlying reasons are clear, and we have initiated targeted actions to gradually stabilise the omnichannel distribution centre operations.
On a positive note, the Stockmann division continued to deliver improvements, with progress across almost all parameters as the comparable revenue, margins and adjusted operating result improved. Stockmann continued to strengthen its competitiveness by differentiating through a curated offering, and the exclusive launch of the globally successful SKIMS brand at Stockmann was one of the quarter's key commercial successes, supporting traffic and conversion both in stores and online.
Our brands and assortments also continued to inspire our customers during the quarter, and the number of Lindex's active customers increased. The number of Stockmann's active loyal customers also increased, with their share of the division's revenue increasing.
The Lindex division opened its second company-owned store in Denmark in March and engaged in successful openings of new Lindex departments in the stores of its Danish partner, Magasin du Nord. In Iceland, we launched a new franchising partnership including e-commerce operations and look forward to exploring new growth opportunities. We target to grow our presence throughout the Nordics.
In March, we held our Annual General Meeting, and I extend my heartfelt thanks to our shareholders for the active participation. I also want to express my sincere appreciation to our personnel, customers, shareholders, and partners for your continued commitment, trust, and collaboration. Together, we are building the future of our Group. I am inspired to continue this journey with you and to make 2026 a successful year for us all.
KEY FIGURES
|
| 1-3 | 1-3 | 1-12 |
| Revenue, EUR mill. | 193.0 | 186.0 | 952.3 |
| Revenue growth, % | 3.7 | -3.5 | 1.3 |
| Local currency revenue growth, % | 0.8 | -3.0 | 0.3 |
| Digital share of revenue, % | 17.8 | 19.3 | 19.3 |
| Digital revenue growth in local currencies, % | -8.4 | 0.9 | 6.4 |
| Gross profit, EUR mill. | 112.9 | 106.8 | 554.4 |
| Gross margin, % | 58.5 | 57.4 | 58.2 |
| Adjusted operating result, EUR mill. | -11.9 | -8.7 | 69.5 |
| Adjusted operating margin, % | -6.2 | -4.7 | 7.3 |
| Operating result, EUR mill. | -13.1 | -9.5 | 64.7 |
| Operating margin, % | -6.8 | -5.1 | 6.8 |
| Net result for the period, EUR mill. | -20.3 | -20.2 | 24.4 |
| Net debt excluding IFRS 16, EUR mill. | 11.7 | 31.9 | -51.6 |
| Equity ratio, % | 32.4 | 30.1 | 33.3 |
| Equity ratio excluding IFRS 16, % | 65.5 | 62.6 | 64.8 |
| Inventories, EUR mill. | 186.4 | 202.6 | 163.8 |
| Operating free cash flow, EUR mill. | -59.1 | -57.4 | 55.0 |
| Capital expenditure, EUR mill. | 7.8 | 6.8 | 31.1 |
| EPS, basic, EUR | -0.12 | -0.13 | 0.16 |
| EPS, diluted, EUR | -0.12 | -0.12 | 0.16 |
| Number of employees, average | 5 793 | 5 740 | 5 940 |
ITEMS AFFECTING COMPARABILITY (IAC)
| EUR million | 1-3 | 1-3 | 1-12 |
| Operating result | -13.1 | -9.5 | 64.7 |
| Adjustments to operating result |
|
|
|
| Costs related to strategic projects and structural changes | 1.2 | 0.7 | 9.8 |
| Costs and reversals related to restructuring programme and other disputes |
| 0.1 | -5.0 |
| Adjusted operating result | -11.9 | -8.7 | 69.5 |
STRATEGY
Lindex Group's two divisions, Lindex and Stockmann, have their own strategies targeting sustainable and profitable growth. The divisions share the view that customer-centricity, an omnichannel approach and strong brands are key strategic factors in building future growth. Lindex Group has ambitious sustainability targets, and sustainability is a central part of the Group's operations.
The Lindex division's strategy builds on Lindex's purpose of driving meaningful change for women. The division's three strategic must-win areas are to accelerate growth, transform into a sustainable business, and decouple cost from growth.
The Stockmann division's customer-centric strategy builds on Stockmann's purpose of being a marketplace for a good life. The Stockmann division has four strategic must-win areas, which are to improve operational efficiency, differentiate through curated offering, grow and leverage loyal customer base and optimise omnichannel performance.
Both divisions are committed to Lindex Group's science-based climate target to reduce greenhouse gas emissions from energy and industrial sources in its own operations and value chain by 42% by 2030 compared to the year 2022. The Group is also committed to reducing absolute Scope 3 greenhouse gas FLAG (Forest, Land, Agriculture) emissions by 30.3% by 2030 compared to the year 2022. The Science Based Targets initiative (SBTi) has validated and approved the Group's climate target.
STRATEGIC ASSESSMENT
In September 2023, Lindex Group's Board of Directors initiated a strategic assessment aiming to crystallise shareholder value by refocusing the Group's business on Lindex. As part of the investigation of strategic alternatives for Stockmann's department stores business, the Board is evaluating the best environment for developing the business in the future. These options include increasing the business' independence within the Group, considering possible ownership changes or strategic partnerships, or continuing under the current structure.
In December 2025, Lindex Group announced that its Board of Directors continues the strategic assessment and the Group will communicate the outcome of this work when appropriate.
Interim Report
This company announcement is a summary of the Lindex Group's Interim Report 1 January-31 March 2026 and includes the most relevant information of the report. The complete report is attached to this release as a pdf file and is also available on the company's website lindexgroup.com.
Financial releases in 2026
The financial reports will be released in 2026 as follows:
- Half Year Financial Report, January-June 2026: 17 July 2026
- Interim Report, January-September 2026: 22 October 2026
Webcast for analysts and the media
A media and analyst briefing will be held in English as a live webcast today, on 28 April 2026 at 10:00 a.m. EEST. The event can be followed via this link. The recording and presentation material will be available on the company's website after the event.
LINDEX GROUP plc
Susanne Ehnbåge
CEO
Further information:
Susanne Ehnbåge, CEO
Henrik Henriksson, CFO
Contact via Lindex Group's MediaDesk info@stockmann.com, tel. +358 50 389 0011
Marja-Leena Dahlskog, Head of Communications & IR, tel. + 358 50 502 0060
Distribution:
Nasdaq Helsinki
Principal media