Lindex Group: Swedish clothing market slightly up in November

Source: Svensk Handel *Inderes’ estimate

Translation: Original published in Finnish on 12/12/2024 at 8:39 am EET.

The November figures for the Swedish clothing market were published this morning. Sales in November increased by 1.6% year-on-year. Due to minor changes made earlier in the year, the cumulative figure for the year was not published, but we estimate it to be around 1%.

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). Our forecast for the Lindex segment's revenue in Q4'24 is around 2% growth in local currencies, compared to 1% growth in the Swedish market in October-November. Lindex underperformed the market somewhat in Q3 due to logistics issues. Although, as far as we know, these issues should not affect Q4 significantly, they could still have a small negative impact. Against this backdrop, market development has been slightly weaker than we had forecast. 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 much lower than in previous years and is not significant in our Q4'24 forecasts (- 1%). Our forecast for the Lindex Group expects the full-year result to remain at 68 MEUR, which is below the company's guidance of 70-80 MEUR.