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Sprider Stores: Net Profit At 4.66 M In 1H08

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Sprider Stores released its HALF YEAR 2008 consolidated financial results before Thursdays session.

 

Consolidated sales for the first half of 2008 increased by 23.7% and amounted € 65.807 thou over € 53.212 thou in the first half of 2007.

 

Group gross profit amounted € 44.016 thou versus € 30.480 thou in last year’s first half, increased by 44.4%, while gross margin marked up by 9.6 percentage points to 66.9% versus 57.3% in the first half last year. As it was noted during Q1 2008 this rise is mainly accounted to the constantly improving operating efficiency of the Group’s procurement system as well as to the further devaluation of the USD against the Euro.

 

Group EBITDA reached € 9.696 thou over € 6.872 thou in the respective period last year, posting an increase of 41.1%.

 

Earnings before interest and taxes (EBIT) amounted € 5.607 thou over € 4.316 thou in the respective period of 2007, increased by 29.9%, whereas earnings before taxes stood at € 6.285 thou over € 19.645 thou in the first half of 2007.

 

Finally, group earnings after tax and minorities for the first half of 2008 amounted to € 4.661 thou over € 13.638 thou in the first half of 2007.

 

It should be mentioned that the group results during H1 2007 included the normal flow of retail operations as well as extraordinary results derived from the sale of EXPO ATHENS and the SPRIDER STORE in Anthoussa – Attica as well as the sale of the building complex that the group had under construction in Sofia, Bulgaria and from the liquidation of MEGATHLON HELLAS SA. In effect, the total extraordinary non recurrent gain from the above actions that has been accounted for in the Group’s financial statements in the first half of 2007 amounted € 13.598 thou.

 

Consequently, for comparability reasons and not taking into consideration the above extraordinary results, Consolidated sales for the first half of 2008 rose by 24.4% and amounted € 65.807 thou over € 52.859 thou in the first half of 2007. Group gross profit amounted € 44.016 thou versus €30.193 thou in last year’s first half, increased by 45.8%, while gross margin marked up by 9.8 percentage points to 66.9% versus 57.1% in the first half last year.

 

Operating group EBITDA during H1 2008 reached € 9.696 thou over € 9.323 thou in the respective period last year, marking an increase of 4.0%. Group total expenses during H1 2008 amounted €35.914 thou over € 21.853 thou on June 30, 2007, marking an increase of 64.3%, reflecting the Management’s strategic decisions for speedier retail network expansion in combination with the establishment of new stores as early as possible within the year, for more intense marketing actions and for intensive personnel training.

 

Earnings before interest and taxes (EBIT) reduced by 17.5% and amounted € 5.607 thou over €6.797 thou in the respective period of 2007. This is due to the 60% increase of depreciation (30/06/2008: € 4.088 thou – 30/06/2007: € 2.555 thou), reflecting the Group’s aggressive expansion policy, with the addition of an significant number of new stores. Group earnings before taxes stood at € 6.285 thou over € 6.359 thou in the first half of 2007, marking a 1.1% decrease. Finally, group earnings after tax and minorities f r the first half of 2008 amounted to € 4.661 thou over € 3.829 thou in the first half of 2007, posting an increase of 21.7%.

 

 

The growth of the Group’s results during H1 2008, it is considered to be rather important, given the extremely negative economic conjuncture, internationally, the company says in a relevant press release

 

The company has established 15 new points of sale within the first half of 2008 and 27 new stores compared to H1 2007. It must be noted that the Group’s expansion outside the Greek border within H1 2008 continued with the creation of 4 new stores in Poznan Poland, Arad and Oradea Romania and Varna Bulgaria. Thus, the Group today operates in total 81 points of sales, of which 68 are located in Greece and 13 are located in Romania, Bulgaria, Poland, FYROM and Cyprus.

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