Finnish fashion and department store group Stockmann reported widening losses in the first quarter due to weak rouble and slow demand in Russia and Finland.

The group reported first-quarter core operating loss of 50 million euros ($55 million), compared to a loss of 44 million euros a year ago. Analysts in a Reuters poll had expected Q1 loss to come in at 46 million euros.

The firm recently announced it would close three loss-making department stores in the Moscow region and one in Oulu, Finland.