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Lindex Group: Swedish clothing market continued to rise slightly in August

LINDEXAnalyst Comment12.09.2024 klo 08.35

Rauli JuvaAnalyst

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Translation: Original comment published in Finnish on 9/12/2024 at 8:17 am EEST.

The August figures for the Swedish clothing market were published this morning. August sales increased by 2%. Due to minor changes, the cumulative figure for the year was no longer published, but we estimate it to be around 1%.

Lindex August

Source: Svensk Handel *Inderes’ estimate

Sweden accounts for more than half of the Lindex chain’s sales

Sweden is Lindex's largest market and accounts for more than half of the sales of the Lindex chain (but not the whole group which is also called Lindex). For the Lindex segment, we expect Q3'24 revenue development to be roughly at the level of the comparison period in local currencies. The trend in July-August, with an increase of just under 2%, was better than we had forecast, which has led to some upward pressure on the forecasts. The development of SEK and NOK, which together account for around 70% of the Lindex segment’s sales, also affects the company’s figures. The FX impact this year is clearly lower than in previous years and is not expected to be significant in Q3’24 (+1% in our forecasts).