EMF continues to grow despite recession
2009-09-07
The
Empik Media & Fashion group (EMF), the operator of the
Empik,
Smyk and
Empik Cafe chains, among others, along with the
Speak Up language schools, opened 28 new establishments in Poland in the first half of 2009. The company has also expanded on the
Russian market, on which it has launched six new stores. The group has closed 24 unprofitable stores in Poland and abroad because of the global recession.
Despite the crisis EMF has succeeded in boosting its revenues by 30.6% to PLN 1.19bn (€287.4m) in the first half of 2009, in contrast to PLN 918.7m (€221.9m) in H1 2008. The company’s total investment costs came to PLN 88.3m (€21.3m) in the first six months of 2009, whereas during the corresponding period of 2008 the figure was PLN 113m (€27.3m).
In the second half of 2009 EMF plans to launch up to 64 new establishments in Poland, around seven new stores in Russia and up to four in Ukraine. In 2010 the group plans to open up to 70 new outlets in Poland and abroad which will cost around PLN 120m (€29m).
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