EnglishFlamingo Group posted 3.3 million EUR losses and a 36 million EUR turnover for Q1. The consolidated Q1 financial report released by Flamingo International includes the results of the parent company and it subsidiaries, which generated over 10% of the Group"s turnover in the reporting period.
Flamingo International posted a net profit of 1.3 million RON in Q1 and a turnover of 101.86 million RON. According to CEO Jiri Rizek, the results are above estimates as a result of the integration of the recently acquired Flanco. Estimates indicate that the group will start making a profit in Q3:2007.
Flamingo estimates that the retail market will total 1 billion EUR at the end of this year and 1.4 billion EUR in 2009, especially driven by the IT&C segment, which will grow to 40% of the retail market in 2009. This year, the Group"s development strategy will focus on expanding the Flanco World store chain and improving customer relations. The Flanco World chain will account for 6.4% of the total number of Flamingo stores and 36.3% of Flamingo"s overall sales space.
Flanco World is listed on BVB as FLA since June 2005 and has a share capital of 77,905,001.1 RON divided into shares with a face value of 0.1 RON. Flanco International retails IT&C products, electronics and appliances in the store chains Flanco World, Flamingo Computers and Flanco.
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