Department store retailer Stockmann reported net sales rose 13% to E510.2m (£449m) for the second quarter. But net profit fell 43% to E14.7m (£13m).

The retailer forecasts second-half 2011 operating profit will outperform the previous year, driving an overall rise in pre-tax earnings. Stockmann expects Russian operations to continue to grow faster than those in the Nordic countries. The growth of the consumer markets in the Baltic is also expected to continue to drive expansion.