Growth in early December was entirely driven by strong online sales growth.

The November figures for the Swedish clothing market were published this morning. Sales in November increased by 1.6% year-on-year.

The target market of Kesko, Tokmanni and Lindex's Stockmann division, i.e. department store and hypermarket chains, posted a 2.4% increase in revenue after a sluggish September. Growth was driven by food product groups (4.9%), while durable goods (-3.1%) continued their downward trend.

Sales in October increased by 0.4% 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%.

The target market of Kesko, Tokmanni and Lindex’s Stockmann, i.e., the department store and hypermarket chains, saw revenue fall by one per cent in September.

Lindex Group's Q3 results were well below our expectations and the comparison period, as the Lindex segment's sales suffered from logistical problems and its gross margin was also below our expectations.

Lindex Group will report its Q3 results on Friday at 8:30 am EEST. We expect revenue and adjusted EBIT for the Group to be broadly in line with the year-ago period.