FOURLIS Group in the first quarter of 2022 presented sales of € 96.3 million compared to € 75.6 million in the first quarter of 2021, increased by 27.4%.
Electronic sales amounted to € 16.8 million compared to € 23.8 million in the first quarter of 2021, according to the company in a relevant announcement.
Consolidated operating income before interest, taxes, depreciation and amortization (OPR) in the first quarter of 2022 amounted to € 0.7 million compared to profits of € 2.5 million in the first quarter of 2021.
Losses before taxes in the first quarter of 2022 amounted to € 7.4 million compared to losses of € 3.5 million in the first quarter of 2021. Losses after taxes were € 5.7 million.
The Group’s profitability comes from the rest of the year and mainly in the second half, due to seasonality.
It is pointed out that for most of the first quarter of 2021 the Group’s branch network was either closed due to the lockdown, or was under-functioning as a result of the measures against the Covid-19 pandemic, while in the corresponding period of 2022 the branches were operating normally.
The net debt of the FOURLIS Group as at 31/03/2022 was € 208.6 million, compared to € 110.8 million at 31/03/2021 and € 135.8 million at 31/12 / 2021. Of these, € 122.0 million relate to the Group’s retail commercial activities and € 86.5 million relate to the real estate investment sector (Trade Estates AEEAP).
The household equipment and furniture retail (IKEA), presented sales of € 61.8 million in the first quarter of 2022, increased by 35.2% compared to the first quarter of 2021 (€ 45.7 million).
Sales in Greece increased by 57.8% while in other countries sales increased by 12.1% compared to the first quarter of 2021.
EBITDA (OPR) amounted to € 1.4 million compared to € 2.6 million in the first quarter of 2021. Loss before taxes amounted to € 2.4 million.
Today, there are a total of 5 large IKEA stores (3 in Greece, 1 in Cyprus, and 1 in Bulgaria), 6 medium-sized stores (4 in Greece and 2 in Bulgaria) and 9 Pick-up-Point IKEA products ( 6 of them in Greece, 2 in Bulgaria and 1 in Cyprus).
Finally, three new medium-sized stores are planned or are under construction in Greece with the aim of operating in the next 2-3 years.
In retail sports goods (INTERSPORT & THE ATHLETE’S FOOT), sales in the first quarter of 2022 amounted to € 34.6 million, showing an increase of 15.7% compared to the first quarter of 2021 (€ 29.9 million).
In Greece sales increased by 31.0%, while in other countries there was an average increase of 1.5%, compared to the first quarter of 2021.
EBITDA (OPR) amounted to € -1.5 million compared to € 0.4 million in the first quarter of 2021. Loss before taxes amounted to € 4.4 million.
The FOURLIS Group currently has 133 stores in the sportswear retail. The Intersport store network consists of 55 stores in Greece, 32 in Romania, 12 in Turkey, 10 in Bulgaria and 7 in Cyprus. Respectively, there are 14 The Athlete’s Foot stores in Greece and 3 in Turkey.
The implementation of the upgrade program of the existing branch network continues. The operation of the automated logistics center of Intersport has started, which is considered to be the most modern in Greece. It will serve 120 stores as well as the company’s e-commerce.
Regarding the problems observed internationally in the supply chain, to date their impact continues to be significant but manageable.
Energy costs for the operation of the Group’s stores and warehouses are affected by the large increases observed internationally, but continue to be a relatively small part of the Group’s operating costs (5.3% of operating expenses in the first quarter of 2022 compared to with 4.7% in the whole of 2021).
The preparation for the listing on the Athens Stock Exchange of Trade Estates, a subsidiary of the Group AEEAP, continues, with the aim of making the public offering in the near future, depending on market conditions. With existing properties worth € 270 million and a purchase and development program of around € 250 million, Trade Estates aspires to play an important role in its field.
Source: Capital
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