Stadium, the leading Swedish sporting goods retailer, performed relatively well in the financial year ended on Aug. 31, 2020, partly because of higher sales over the internet and looser anti-Covid restrictions in Sweden than in other countries. On the negative side, there was hardly any winter season between 2019 and 2020.
The chain’s total sales in Sweden declined by only one percent to 4,659 million Swedish kronor (€457.3m-$544.5m) during the 12-month period, with the share taken by online retailing rising to 14 percent from 11 percent in the prior year.
In Finland, where the measures taken to combat the pandemic were somewhat stricter, Stadium’s sales declined by 5 percent to SEK 1,359 million (€133.4m-$158.8m).
The company’s operating profit declined to SEK 118 million (€11.6m-$13.8m) from SEK 133 million in 2018/19, due essentially to extraordinary charges of SEK 33 million (€3.2m-$3.9m) related the company’s pull-out from the German market.
As previously reported, Stadium was anticipating positive results for the last year following arrangement with its landlords on store rental fees, combined with a major jump in sales since May. A previous sales decline had led the company to place some 600 employees on temporary layoffs in April.