Estonia's largest retailer: Q2 revenue down, but profit up
27.08.2010, 09:03Tallinna Kaubamaja Group, Estonian's largest retailer, reported higher second-quarter profit after cutting wages and closing unprofitable stores. Net profit rose to 77.4 million kroons from 14 million kroons a year earlier. Revenue declined 5 percent to 1.58 billion kroons.
In the department store segment, second-quarter revenues fell 8% in a year to 283 million kroons.
Revenue of Selver supermarkets was 1.2 billion kroons in the second quarter, or about 3% less than a year ago. Profit was 43.5 million kroons, up by 40.7 million kroons from last year.
The company's car dealership business of KIA cars ended the second quarter with one million kroons profit, up from a loss of 10.5 million a year ago.
Revenues of the shoe business segment in the second quarter were 53 million kroons, up 17% in a year. Quarterly net profit was 1 million kroons.