Sales at Stockmann AS, the Estonian subsidiary of the Finnish retail chain, dropped 6 percent to €48.9m in 2015, ending its financial year with a €946,000 loss. The company had reported a €744,000 profit in 2014. The decrease comes despite reported growth on the Estonian retail market, which was driven by low inflation and interest rates as well as a jump in average monthly wages. In an effort to save money, Stockmann cut its workforce by 5.2 percent in 2015, paying a total of €4m in wages.
