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Fashion retailer Baltika posts 56% growth in profits in Q3

Oct '08
“Our third quarter results confirmed the trend of improving profitability which started in the second quarter,” commented the CEO Meelis Milder. “The result is all the more valuable that unlike in the previous year, the profits only contain revenue earned from our main business operations, without re-evaluating the investment property.”

“We are very pleased to note that the 2006 and 2007 investments in the Eastern European markets, which caused a temporary downturn in the Group's profitability are all the more important today as these are practically the only markets in Europe where economy and consumption are still growing,” added Milder.

Milder noted that good results were again achieved on the major markets – Russia, Ukraine and Poland. Based on the third quarter results, it is expected that in addition to stores earning profits, these major markets as a whole will start earning profits during the second half of the year.

In the third quarter major sales growth was achieved in Ukraine, Russia and Poland – 23 percent, 19 percent and 15 percent respectively. Retail sales in Latvia and Lithuania grew by 3 percent in the year-on-year comparison in the third quarter. Only Estonia experienced decline in retail sales by 2%.

More than half of the Group's third quarter retail revenue came from the fast fashion brand Monton, the sales of which amounted to 159 million kroons, up 10 percent in comparison to the previous year. The fastest growth in the Group's brand portfolio was posted by Ivo Nikkolo, which grew by 44 percent in the third quarter to 11 million kroons.

The Baltika Group is a rapidly growing fashion retailer operating in Central and Eastern Europe. The Group operates four retail concepts Monton, Mosaic, Baltman and Ivo Nikkolo in seven countries - Estonia, Latvia, Lithuania, Ukraine, Russia, Poland and the Czech Republic.

Baltika employs a vertically integrated business model which means that the Group controls all stages of the fashion process: design, manufacturing, supply chain management, distribution/logistics and retail sales. Such a model enables Baltika to offer new fashion goods every week and assures high availability of basics.


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