Lindex shares slide despite profits

Swedish clothing company Lindex took a dive on the Stockholm stock exchange on Tuesday despite its third quarter report showing a 145 million kronor net profit.

The profit was less than expected. Turnover went up to 1.34 billion kronor, which was higher than analysts anticipated and an increase from last year’s 1.26 million kronor figure.

Lindex is set to sell shoes in nearly 50 of its stores at the end of summer, and it is planning on investing 1000 million kronor in logistics as well as opening stores in the Czech Republic and Lithuania.

“We are extremely pleased with the sales results and are happy with the overall results,” said Lindex chief Göran Bille.