Feb. 9 (Bloomberg) -- Stockmann Oyj, a Finnish retailer, jumped the most in 21 years in Helsinki trading as the department store division propelled sales gains in January.
Stockmann climbed 15 percent to close at 16.85 euros, the biggest advance since August 1990 and the best performance today on the OMX Helsinki All-Share Index.
“The start of January was very encouraging,” Anna-Karin Envall, an analyst at AGB Sundal Collier Holding ASA in Stockholm, said by phone today.
The company, which is based in the Finnish capital, said revenue in January increased 9.8 percent from a year earlier to 151 million euros ($200 million). The department-store unit’s sales increased 9.9 percent, pushed by a 24 percent increase in international operations. The Finnish department-store business’s sales climbed 2.9 percent, held back by a lower level of merchandise on sale, it said.
The level of discounting in Finland is a “fairly good indication also for the margins during this season,” Envall said. The “relief” of results and growth in Russia are a part of the equation, but January revenue was the “most important” part, she said.
Stockmann’s department store in St. Petersburg, Russia, which opened in November 2010, was the source of strongest growth at the division in January, the company said.
--Editors: Tom Lavell, Robert Valpuesta
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