In an Iltasanomat article, there was an official statement: “In one store, there were possible experiences of discrimination and harassment.” A woman who worked at a Tokmanni store has apparently given a story to Iltasanomat. As a newspaper, IS “estimated” that the story might be more widespread. Indeed, these might be brought up from many workplaces by bitter employees. Newspapers eagerly seize upon these and exaggerate things to increase news value.
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From today’s Kauppalehti feed:
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@Arttu_Heikura was interviewed by Kauppalehti regarding Tokmanni. It’s likely behind a paywall, but I’ll quote the parts about tariffs and their effects here: Tokmanni on ostopaperi: Analyytikko kertoo, mihin kauppaketju voisi seuraavaksi laajentua | Kauppalehti
According to Heikura, Tokmanni is one of those companies for which import tariffs have no direct impact. The company does not have its own business in the United States, nor does it acquire many products from there.
“Tokmanni procures goods from China and Asia in US dollars, but these procurements are quite well hedged with currency derivatives.”
Due to tariffs, US retailers have reduced their orders from China.
Heikura says that this creates an oversupply in the market, which may offer a short-term benefit to European retail operators.
“There might be a small margin for price drops in purchase prices.”
For example, Swedish competitor Rusta has stated that such short-term benefits could be expected.
He reminds that tariffs generally increase cost pressure on the economy, to which Tokmanni is not immune either.
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The article did not mention that if the global economy falls into recession, it will likely also negatively affect Tokmanni, but not to the same extent as cyclical companies.
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A bit of drama, as the candidate for chairman of the board (incumbent) is proposed to be replaced at the last minute, hopefully nothing serious with Seppo, he will, however, continue on the board as is good for the largest owner: Tokmanni Group Oyj: Päivitys pörssitiedotteeseen 22.1.2025: Osakkeenomistajien nimitystoimikunnan ehdotus Tokmanni-konsernin hallituksen puheenjohtajaksi | Kauppalehti
Tokmanni Group Plc’s Shareholders’ Nomination Board has decided to amend its proposal concerning the election of the Chairman of the Board to the Annual General Meeting 2025. The Nomination Board proposes that Erkki Järvinen be elected as the Chairman of the Board. Järvinen has been a member of Tokmanni Group’s Board of Directors since 2018 and Vice Chairman of the Board since 2024.
The current Chairman of the Board, Seppo Saastamoinen, who was nominated as Chairman according to the stock exchange release published on January 22, 2025, has informed the Nomination Board that he is no longer available for the position of Chairman of the Board due to personal reasons. The Nomination Board proposes to the Annual General Meeting, as previously announced, that Seppo Saastamoinen be re-elected as a member of the Board. Saastamoinen has served as the Chairman of Tokmanni Group’s Board of Directors for seven years and as a member of the Board since 2013.
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Found this on Nordnet.
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Peer Europris today had a soft Q1 result, as can be concluded from the share price (-8.2%): https://s22.q4cdn.com/579442476/files/doc_financials/2025/q1/Europris-ASA-Q1-2025-presentation.pdf
Here is the transcript from the earnings info; for some reason, I was able to read it, even though it’s usually paid content. I need to look into it more thoroughly later; I saved it for myself in case it’s not readable later, if anyone has questions: https://www.investing.com/news/transcripts/earnings-call-transcript-europris-asa-faceschallenges-in-q1-2025-93CH-3978334
There were at least some unrealized currency losses, but also gains; at least they explained it in the best possible light, saying it’s a good thing in the long run. @Arttu_Heikura also mentioned earlier that Tokmanni’s currency hedges should be in order, as the Swedish krona has strengthened recently and the dollar has weakened.
Here, @enska, is a quote from the transcript (AI-generated, but edited) about the effects of the tariffs imposed by the USA on China:
Trina Englecken, IR Officer, Auerupi: The next question is from Hakon Nelson, Kepler Cheuvreux. Around 30% of your goods are sourced from China, often priced in U. S. Dollar. In light of the new U.S. Tariffs on Chinese imports, which could broadly impact Chinese exporters, do you see this potentially increasing everybody’s bargain power with Chinese suppliers, particularly in terms of pricing and terms?
Espen Eldal, CEO/Presenter, Auerupi: I think it’s too early to really be firm on that. But theoretically, yes, it should open up for new possibilities for other piece. But of course, it’s also difficult when you are buying for someone that is making losses. So it is a delicate situation, and I think we need to just monitor this closely and follow the market.
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One would think Tokmanni would benefit from China’s tariffs. China has to sell that merchandise somewhere.
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One would think so, but times are so chaotic that all shops suffer, no matter what they sell. I’ve heard many say that all purchases are on hold now as wealth diminishes. I also had Tokmanni (shares) but sold them when the share price only dropped even after the interim report. Expectations were higher than the result.
These are indeed related to those currency hedges, meaning Europris also hedges its currency risks. Tokmanni adjusts these and talks about comparable gross margin. Europris apparently does not do the same.
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Thanks for the clarification @Arttu_Heikura, Anoraha tried to manage without those currency hedges in previous years, with poor success. Or at least they hadn’t hedged sufficiently.
Here’s a hefty, 175-page reading package, plenty of time to get acquainted with it before the annual general meeting on 7.5: Tokmanni Group Oyj: Tokmanni-konsernin hallituksen toimintakertomus ja tilinpäätös, selvitys hallinto- ja ohjausjärjestelmästä sekä palkitsemisraportti vuodelta 2024 on julkaistu - Inderes
Is there an index change coming for Tokmanni? The bid levels are now in tenths of a cent; the last time I recall this happening was when Tokmanni temporarily rose to the OMXH25 index, assuming my memory serves me correctly. One could somehow imagine it being related to the significant trading volume in recent days.
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Anders Kind, appointed to the management team on January 16, 2025, CEO of Dollarstore, and Director responsible for operations in Sweden and Denmark, has apparently been replaced.
Strangely enough, this has not been deemed worthy of a press release.
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Apparently, there was news in Swedish last week
The owner has changed the CEO of Dollarstore - Market
[warning! Machine translations]
Dollarstore has changed CEO: “We are in the middle of the divorce itself”
Anders Kind has been ousted as CEO of Dollarstore, reports Dagens industri. The reason is disagreements, Dollarstore’s communications manager Jenny Bergman tells Market. The owner Tokmanni’s logistics manager Timo Heimo is currently leading the company.
Original:
Dollarstore har bytt vd: ”Vi är mitt uppe i själva skilsmässan”
Anders Kind har petats som vd för Dollarstore, rapporterar Dagens industri. Orsaken är meningsskiljaktigheter, uppger Dollarstores kommunikationschef Jenny Bergman för Market. Ägaren Tokmannis logistikchef Timo Heimo leder just nu bolaget.
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Eli Anders has been dropped due to differences in opinion. Apparently, the process is still ongoing.
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Tokmanni has defined in its disclosure policy that a stock exchange release is not required for this, but in my opinion, a press release should have been issued.
Tokmanni’s Stock Exchange Releases
- changes in the company’s Board of Directors, CEO, Deputy CEO, and CFO.
Press Releases
- changes in the management team (other than Key Persons defined by the company)
However, Tokmanni announced a change in the Dollarstore store last week.
Among the latest additions to Dollarstore’s selection are, for example, Miny’s lifestyle, Kotikulta’s home decor, BBQ King’s grilling, and Parco’s yard, balcony, and garden decoration products.
It seems that ‘Tokmannization’ is happening at Dollarstore. It would be interesting to know what the disagreements were between Tokmanni’s management and Anders Kind.
Spar is gradually progressing:
Kind’s task was to sell Dollarstore within months, so he wasn’t working at Dollarstore for long before Tokmanni’s acquisition:
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Kind’s dismissal is concerning. It would be good to get comments from Rautiainen at an appropriate time, one way or another, regarding the background of the disagreements.
I don’t remember how long Kind was the head of Dollarstore, but if he was a well-liked leader, other key personnel might also be on their way out now that the management is coming from the group.
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My own understanding is that he was hired a few years before Dollarstore’s sale by the main owner specifically to get the company ready for sale and to bring the process to completion. I was a bit surprised by how little Dollarstore’s involvement was visible in the group’s background operations. Kind was only recently promoted to Tokmanni’s management team. Now that the matter has come to light, it would be crucial to find a replacement for him who genuinely knows the Swedish market and retail trade (perhaps a local?) expert.
Regarding differences in opinion and Tokmannisation, it has been noticeable. At CMD, Kind had a clear vision for Dollarstore’s concept remaining relatively similar or as it was when it was integrated into Tokmanni. Tokmanni’s management also emphasized this. Now, towards the end of 2024, I started noticing elements that have been seen in Tokmanni’s story. Clearance sales, increased advertising, an increase in the number of product items (Kind was strongly of the opinion that this would not happen), the implementation of Miny into Dollarstore, etc. Against this background, I am not surprised that differences in opinion have arisen. Dollarstore has enormous potential, and from Tokmanni’s perspective, I hope these things bear fruit in the future.
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Kind started at Dollarstore in April 2023. Tokmanni bought Dollarstore in August 2023.
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Hmmm… This is what Kind said at the CMD held in February 2024. He might have meant some other position than CEO. Or he got confused with the calculations 
And here’s the background for the Dollarstore sale
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Next week, samples will start arriving in stores.
Source: Tokmanni / SPAR Instagram
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