Estonia's largest retailer sees 18 pct rise in Q4 profit
15.02.2012, 15:10Tallinna Kaubamaja, Estonia’s biggest retailer, said its fourth-quarter profit rose 18 percent, helped mainly by increasing demand at its department stores and car retail unit.
Net income rose to 8.7 million euros from 7.4 million euros a year earlier, the company said today. Revenue rose 6 percent to 120 million euros.
During the year, the company's revenues totalled 436 million euros, an increase of 5.6 percent.
The group’s consolidated unaudited net profit, generated in 2011, was 21.5 million euros, having risen by 29.4 percent compared to the net profit of the previous year, which was 16.6 million euros.
In comment the company said that the livening of the retail market, which accompanied the improvement of Estonian economy in 2011, had a positive impact on all the retail segments of the Tallinna Kaubamaja Group. In addition to good results of the supermarket segment, both the department store segment and the footwear segment showed strong growth figures in terms of sales as well as profitability, while the car segment underwent a truly rapid increase.