Stora Enso's sales down 5%
| 21 July, 2014
Sales at Stora Enso in 2Q were down €147 million to €2.58 billion partly due to structural changes in Printing and Reading. However, operational EBIT was up by €85 million due to the successful fixed cost reduction programme clearly exceeding the target and lower variable costs.
Jouko Karvinen, Stora Enso CEO until 31 July 2014, commented: “2Q came out at the high end of our expectations, essentially driven by the better than expected performance of Renewable Packaging and by the Company’s 22% overachievement of the Euro 200 million annual structural cost reduction target. Those achievements combined with the significant improvements in earnings in Printing and Reading and in Building and Living are yet another proof point of the resilience and fighting spirit of the Stora Enso people.”