*FY 2008 Consolidated sales at EUR 250.7 mn(+18.5%)
*FY 2008 EBITDA at EUR 27.8mn (+17.8%)
*FY 2008 adjusted EBITDA (+26.2%)
Consolidated sales for the FY of 2008 advanced by 18.5 % to EUR 250.7 million from EUR 211.6 million in 2007. Consolidated EBITDA came in at EUR 27.8 million from EUR 23.6 million in 2007 posting an increase of 18%. It is worth noting that during 2007 our group recorded a one-off capital gain of EUR 1.6 million. Therefore the adjusted EBITDA increased by 26.2%.
On the cost side, selling and general administrative 'SGA' expenses of the group in 2008, dropped to 35.3% of the consolidated sales from 36.9% in 2007. Consolidated EBIT stood at EUR 22.1 million from EUR 18.3 million in 2007, posting an increase of 21 %.
Consolidated EBT came in at EUR 15.7 million from EUR 22.9 million in 2007, posting a decrease of 31 %. Recall that during 2007 our group recorded as financial income a one-off gain of EUR 10.4 million. Hence, the adjusted EBT accelerated by 44.7%.
All in all, the consolidated EATAM (Earnings after taxes and after minorities) during 2008 reached EUR 8.7 million from EUR 14.2 million in 2007. Likewise the adjusted EATAM of our core business increased by 105% Divisional breakdown
In the department stores segment, for the FY of 2008, sales advanced by 19% to EUR 126.5 million from EUR 106.5 million in 2007. More detailed, our flagship store, 'attica,the department store' sales advanced by 15% to EUR 106.3 million yoy. Factory Outlets revenues in 2008, grew by 8.3% to EUR 16.4 million and by 15% in the last quarter of 2008 (4Q08), where we experienced outlets gaining market share in slowdowns, as consumers become more price sensitive. Last but not least, our new 13.000 sq.m (42.650 sq.f.) department store 'attica,golden', inside the Golden Hall Mall, located in the northern suburbs of Athens, that opened on the 28th of November, achieved sales of EUR 5 million. The Department stores segment sales in 2008, accounts for 50.4% of consolidated sales posting an increase of 19%
In the retail segment, sales in 2008 rose by 10% yoy to EUR 71.1 million and account for 28.4% of consolidated sales. As far as the wholesale segment is concerned, sales in 2008 rose by 39% yoy to EUR 47.4 million and account for 19% of consolidated sales. Geographical breakdown
Sales in Greece accounted for 79.3% of total sales posting an increase of 17%, Romania sales reached 17.3% of total sales accelerated by 17%, negatively affected by the extreme currency fluctuations, Bulgaria generates 3.5% of total sales exhibiting an increase of 63% and other country sales reached a sales participation of 1%.
The company will not distribute dividend for the fiscal year of 2008