Stockmann Estonia reports 1.7% revenue drop in 2008

Stockmann’s Estonian subsidiary Stockmann AS reported a revenue declined of 1.7% in 2008 to EEK1.36 billion (USD127 million). The department store retailer saw net profit slump 44.6% from the 2007 figure down to EEK97.8 million (USD9 million). Stockmann AS employed an average of 660 people in 2008. The unit owns one department store in Tallinn as well as the Seppala retail chain in the country. www.planetretail.net