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Baltika Group Men's clothing sales decline
Jul '08
Baltika's second-quarter profits grew by more than two times in a year, amounting to 1.2 million Euros; all profitability indicators have demonstrated improvement.

“Our results achieved in the second quarter cement the turn that has taken place in profitability for Baltika Group,” commented CEO of the enterprise Meelis Milder. “All profitability indicators have improved significantly in the year-on-year comparison in the second quarter. Major investments made in the years 2006 and 2007 to the Eastern European markets, which temporarily lowered our efficiency indicators, are all the more important today as these are practically the only markets in Europe where economy and consumption are growing in an accelerating pace.”

Meelis Milder continued sharing good news – “Our large markets in Russia, Ukraine and in Poland earned profits on the store levels in the second quarter; a year ago only one of them was earning a profit. Despite the cooling of the economy on the Baltic markets, our brand portfolio is also demonstrating its high quality. Very good reception of women's collections compensates for the decline in the sales of men's clothing in the Baltic States. At the same time, sales by Monton and by Mosaic on major markets are showing two-digit growth indicators.”

“I am satisfied that focussing during the past twelve months on improving efficiency of the retail system that expanded to fast growing and new markets has started bearing fruit,” noted Milder.

Sales growth was achieved on all markets in the second quarter. Second-quarter growth on the Russian, Ukrainian and Polish markets – by 19 percent, 27 percent and by 24 percent respectively – is a particularly good sign, taking into account the fact that the sales area on the said markets has practically not been increased at all within the past year.

Retail sales in Estonia grew by 1 percent in the second quarter in comparison to the previous year, in Latvia the growth was 8 percent and in Lithuania 5 percent – and these results are very good in the context of cooling economies in the Baltic States.

Fast fashion brand Monton contributed more than half of the retail sales of the Baltika Group in the second quarter, as its turnover amounted to 9,2 million Euros, growing by 15 percent in comparison to the previous year. Sales growth in the enterprise's brand portfolio was the fastest for Ivo Nikkolo, which grew by 44 percent in the second quarter; its turnover amounted to 1 million Euros.

Sales revenue generated by Baltika Group in the first half of the year amounted to 35.2 million Euros, a profit of 0,5 million Euros was earned during the first six months.

Baltika Group

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