Healthy results for Polish retail groups in H1 2009
2009-09-07
Polish retail groups which sell foodstuffs and household products achieved healthy results in the first half of 2009 despite the economic downturn, according to
Puls Biznesu.
Eurocash and
Bomi reported increases in net profit of 17% and 11.5% respectively, whereas
Emperia Holding experienced an 11% reduction in net profit. Nevertheless, the three groups achieved positive results, in contrast to
Alma Market, which made a net loss of around PLN 17m (€4.1m) in the first half of 2009.
According to Jakub Viscardi, of the IDM brokerage house, quoted in the newspaper, Alma’s results were weak because it operates in the premium bracket, which has shrunk during the recession. In addition, the company has been developing rapidly in the recent past, investing in new openings. The new stores, however, failed to break even after 12 months of operation.
On the other hand, Emperia Holding incurred substantial restructuring costs associated with the numerous
acquisitions carried out in the past year. The company’s profits, however, improved as a result of the sale of a shopping gallery in Lomza worth around PLN 13m (€3.1m). The group owns several more retail complexes which could be sold in the near future.
The results of Eurocash, which has a limited range in its stores but sells FMCG products in the medium price bracket, have improved as a result of the crisis, as demand for cheaper goods grows during a recession.
Analysts emphasise that Bomi’s healthy results are mainly a result of the merging of the turnovers of the
Rast and
Rabat Pomorze chains acquired in 2008.
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