Consolidated Sales at euro 56.2 million
EBITDA at euro 6.5 million
Consolidated Results
Consolidated Sales of Elmec Sport S.A. in the first quarter of 2008 reached euro 56.2 million from euro 45.6 million in the respective quarter of 2007, an increase of 23.2%
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached euro 6.5 million from euro 5.3 million, posting an increase of 22%
Consolidated Earnings before taxes (EBT) reached euro 3.3 million from 2.8 million in the respective quarter of 2007, posting an increase of almost 20%
Net Earnings after Taxes and Minorities reached euro 2.6 million from euro 1.7 million, increased by 55%
Results of the parent company
On a parent company level sales reached euro 25.4 million from euro 19.3 million in the respective quarter of 2007, an increase of 32% mainly driven by the Converse wholesale activity.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached euro 1.9 million from euro 1.6 million, posting an increase of 20% Consolidated Earnings before taxes (EBT) reached euro 562 thousand from 422 thousand in the respective quarter of 2007, posting an increase of almost 33%
It should be noticed that the results of this quarter had been affected negatively by the timing of Easter period, the increased strikes in the ports of he country, the strikes and riots in the center of Athens and by the general reduction in consumer's spending on footwear and apparel sector.
All the said factors affected not only the sales of he Group but also the operating expenses (increased transportation costs, overtime fees, etc)
Guidance for 2008
Regarding the current fiscal year's financial targets, the Management of the company announces its estimates for the main financial targets for 2008 on a consolidated and parent basis.More detailed:
a) Consolidated Sales will reach euro 245-250 million and for parent company will reach euro 90-95 million.
b) Groups ΕΒΙTDA will reach euro 26-27 million and for parent company will reach euro 5.5-6 million.
c) Consolidated Earnings before taxes will reach euro 14-15 million and for parent company will reach euro 4.5-5.5 million.
d) Consolidated Earnings after Taxes and minorities will reach euro 7-8 and for parent company will reach euro 3.5-4 million.
Elmec Sport S.A. has focused its activities in the retail sector operating the department store attica in a space of 25.000 sq.m. and two discount outlet stores of 13.000 sq.m each, one in Pireos Av, under the name Factory Outlet and the second under the name Factory Outlet Airport in the commercial park of Athens International Airport. Elmec's activities are spread in three countries with over 125 points of sale.