The gross profit of the company declined to €547.9 million (~$564.5 mn) from €554.2 million in 2023, while the gross margin remained stable at 58.3 per cent (58.2 per cent in 2023). The adjusted operating result fell to €74.9 million, down from €80.0 million, with the adjusted operating margin declining to 8.0 per cent from 8.4 per cent, Lindex said in a press release.
Lindex Group’s 2024 revenue declined 1.2 per cent YoY to €940.1 million (~$968.6 million), with local currency revenue down 1.3 per cent.
The net result fell to €13.2 million due to lower operating results and higher taxes.
The revenue in Q4 dropped 0.2 per cent, while net result more than doubled to €19.8 million.
Lindex expects revenue growth of 0–4 per cent in full year 2025.
The company’s capital expenditure decreased to €45.7 million from €65.1 million in 2023. The operating result also dropped to €60.9 million compared to €76.5 million in the prior year, reducing the operating margin to 6.5 per cent, from 8.0 per cent in 2023.
The net result fell sharply to €13.2 million compared to €51.7 million in 2023, mainly due to lower operating results and increased tax expenses.
Earnings per share (EPS) declined significantly to €0.08, from €0.33, partly due to an increased number of shares. Adjusted EPS stood at €0.15, slightly lower than the €0.16 recorded in 2023.
“In 2024, we continued our target-oriented work to build a solid, yet scalable foundation for the future of Lindex Group. In line with our strategy, we want to be fit for capturing new business opportunities, accelerating growth and enhancing value creation for our customers and shareholders. While focusing on serving and inspiring our customers with new collections and services, we made a good and concrete progress in the strategic focus areas of both Lindex and Stockmann division. During the year, we completed several strategic development projects enabling our future success,” said Susanne Ehnbage, chief executive officer (CEO) at Lindex Group.
Fourth quarter (Q4) results
The group reported a revenue of €273.7 million in Q4 2024, a slight decline of 0.2 per cent YoY. However, revenue in local currencies grew 0.8 per cent, reflecting some resilience in international markets. The digital share of revenue increased to 18.9 per cent from 17.3 per cent, with digital revenue in local currencies growing 8.7 per cent, up from 5.2 per cent in Q4 2023.
The company’s gross profit rose to €159.1 million (~$164.3 million) from €157.8 million, with the gross margin improving to 58.1 per cent from 57.5 per cent. The adjusted operating result grew by 19.5 per cent, reaching €36.1 million, while the adjusted operating margin increased to 13.2 per cent from 11.0 per cent. The operating result improved to €33.1 million from €28.9 million, leading to a higher operating margin of 12.1 per cent compared to 10.5 per cent in the same quarter last year.
The net result for the quarter more than doubled, rising to €19.8 million from €9.7 million, driven by a higher operating result and decreased tax expenses. Earnings per share (EPS) improved to €0.12, up from €0.06 in Q4 2023, while adjusted EPS rose to €0.14 from €0.07.
Outlook 2025
For 2025, Lindex Group expects its revenue to increase by 0−4 per cent in local currencies compared to 2024. The group’s adjusted operating result is estimated to be €70−90 million, and foreign exchange rate fluctuations may have a significant effect on the adjusted operating result.
Fibre2Fashion News Desk (SG)
