SPRIDER STORES S.A
Press Release Q1 2008 consolidated financial results
SPRIDER STORES Group of companies released its Q1 2008 consolidated financial results according to the International Financial Reporting Standards.
Consolidated sales for the first quarter of 2008 increased by 20.7% and amounted Euro 26,041 thou. over Euro 21,573 thou in Q1 2007. The rise in sales is mainly attributed to the increase of the Group's points of sales, with the operation of 3 new SPRIDER STORES within 2008 and 20 new stores in total compared to Q1 2007.
Group gross profit in Q1 2008 amounted Euro 15,086 thou. versus Euro 10,398 thou. in last year's Q1, increased by 45.1%, while gross margin marked up by 9.7 percentage points to 57.9% versus 48.2% in Q1 last year. This rise is mainly accounted to the constantly improving operating efficiency of the procurement system as well as to the further devaluation of the USD against the Euro.
Group EBITDA increased by 37.4% in Q1 2008 and reached Euro 3,677 thou. over Euro 2,677 thou. in the respective period last year. Total Group operating expenses reached Euro 11,760 thou. over Euro 8,636 thou. in Q1 2007, increased by 36.2%, depicting the sharp growth of the Group's retail network.
Earnings before interest and taxes (EBIT) for the first quarter of 2008 amounted Euro 1,876 thou. over Euro 1,445 thou. in the respective period of 2007 posting an increase of 29.8% while earnings before taxes formed at Euro 1,703 thou. in Q1 2008 from Euro 1,104 thou. in Q1 2007, marking an increase of 54.3%.
Finally, group earnings after tax and minorities (EATAM) for the first quarter of 2008 amounted Euro 1,296 thou over Euro 836 thou. in the respective quarter last year, up by 55.0%.
The positive performance in the first quarter of 2008 is very satisfying for SPRIDER STORES given the adverse conditions marking both the retail apparel market and the consumer product market in general, which experience sluggish activity and slower consumer spending. This is mainly attributed to the international economic conditions. Despite the above, SPRIDER STORES Group has sustained its growth course reassuring the correct strategic choices applied for the development and promotion of its products as well as the correct inventory and suppliers management, retaining costs in competitive levels.
Concerning FY 2008, the Group plans to establish 20 new points of sales, of which 10 are already operating. Consolidated sales are expected to reach Euro 165,000 thou., Group EBITDA is estimated to form at Euro 35,600 thou. while consolidated earnings after tax and minorities (EATAM) will surge at Euro 18,600 thou.
FINANCIAL CALENDAR 2008
Ordinary Shareholders Meeting Tuesday June 17, 2008
Ex-dividend date Tuesday July 1, 2008
Dividend Payment Thursday July 10, 2008
H1 2008 Financial Results Thursday August 28, 2008
9M 2008 Financial Results Thursday November 20, 2008
FY 2008 Financial Results Thursday March 19, 2009
Note:
The Q1 2008 Financial Data and Information of SPRIDER STORES S.A. will be published on Thursday, May 22, 2008.
Consolidated sales for the first quarter of 2008 increased by 20.7% and amounted Euro 26,041 thou. over Euro 21,573 thou in Q1 2007. The rise in sales is mainly attributed to the increase of the Group's points of sales, with the operation of 3 new SPRIDER STORES within 2008 and 20 new stores in total compared to Q1 2007.
Group gross profit in Q1 2008 amounted Euro 15,086 thou. versus Euro 10,398 thou. in last year's Q1, increased by 45.1%, while gross margin marked up by 9.7 percentage points to 57.9% versus 48.2% in Q1 last year. This rise is mainly accounted to the constantly improving operating efficiency of the procurement system as well as to the further devaluation of the USD against the Euro.
Group EBITDA increased by 37.4% in Q1 2008 and reached Euro 3,677 thou. over Euro 2,677 thou. in the respective period last year. Total Group operating expenses reached Euro 11,760 thou. over Euro 8,636 thou. in Q1 2007, increased by 36.2%, depicting the sharp growth of the Group's retail network.
Earnings before interest and taxes (EBIT) for the first quarter of 2008 amounted Euro 1,876 thou. over Euro 1,445 thou. in the respective period of 2007 posting an increase of 29.8% while earnings before taxes formed at Euro 1,703 thou. in Q1 2008 from Euro 1,104 thou. in Q1 2007, marking an increase of 54.3%.
Finally, group earnings after tax and minorities (EATAM) for the first quarter of 2008 amounted Euro 1,296 thou over Euro 836 thou. in the respective quarter last year, up by 55.0%.
The positive performance in the first quarter of 2008 is very satisfying for SPRIDER STORES given the adverse conditions marking both the retail apparel market and the consumer product market in general, which experience sluggish activity and slower consumer spending. This is mainly attributed to the international economic conditions. Despite the above, SPRIDER STORES Group has sustained its growth course reassuring the correct strategic choices applied for the development and promotion of its products as well as the correct inventory and suppliers management, retaining costs in competitive levels.
Concerning FY 2008, the Group plans to establish 20 new points of sales, of which 10 are already operating. Consolidated sales are expected to reach Euro 165,000 thou., Group EBITDA is estimated to form at Euro 35,600 thou. while consolidated earnings after tax and minorities (EATAM) will surge at Euro 18,600 thou.
FINANCIAL CALENDAR 2008
Ordinary Shareholders Meeting Tuesday June 17, 2008
Ex-dividend date Tuesday July 1, 2008
Dividend Payment Thursday July 10, 2008
H1 2008 Financial Results Thursday August 28, 2008
9M 2008 Financial Results Thursday November 20, 2008
FY 2008 Financial Results Thursday March 19, 2009
Note:
The Q1 2008 Financial Data and Information of SPRIDER STORES S.A. will be published on Thursday, May 22, 2008.