Lindex profits slide

Lindex, the Swedish fashion group and operator of approximately 400 women and children's clothing stores, posted a sharp drop in its second quarter net profit to SEK 20 million (GBP 0,2 million) from SEK 75 million (GBP 5,8 million) in the year-ago period.

The company that is based in Stockholm, said sales rose a lower-than-expected five per cent to SEK 1.3 billion crowns (GBP 99m) from SEK 1.2 billion in 2001.

Rising operating and personnel costs especially hit the earnings, the company said, and it is now working to reduce these. Lindex pointed out though, that it had enjoyed a bright start to the spring selling season from shoppers.

April 2, 2003

Linex closer to customer

Swedish fashion retailer Lindex announced its plans to move the head office to Gothenburg from Alingass. The clothing chain said it would relocate sales, marketing and purchasing operations to a new premises in the heart of Gothenburg in early 2003, but said some service divisions will remain at its current base.

President and CEO, Jorgen Johansson, commented: "The move to Gothenburg is a major step in our efforts to become an even better fashion company. It is also part of our overall ambition, to focus more on the customer.

"Our head office staff will get even closer to our customers' everyday situation; they'll see the customer on the street, in restaurants and in our stores. In addition, we expect the move to make it easier to recruit and retain skilled employees."

09-02-02