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Fourlis sees profits rising June 23, 2007

Posted by grhomeboy in Business & Economy.

Fourlis sees 2007 pretax come to 50 million euros

Fourlis, which owns the Greek franchise of Swedish home furnishing giant IKEA, said yesterday it expected profits before taxes to rise to 50 million euros this year.

The retailer, which is also a wholesaler of electrical appliances, also said full-year sales are seen at 600 million euros. It posted pretax profits of 47.9 million euros last year. Its sales reached 482 million euros in the same period, with IKEA stores accounting for more than half. Fourlis operates two IKEA stores and plans to add two more in Greece and Cyprus this year. It also aims to expand the IKEA brand to Bulgaria in 2008.

The firm also said its shareholders approved yesterday a 0.18-euro-per-share dividend on 2006 earnings, which will trade ex-dividend on July 2. Fourlis has already paid a 0.13 euro interim dividend. Fourlis shares trade at about 26 times estimated 2007 earnings compared with 18 for the European household appliances sector, according to Reuters Estimates.

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