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TKM: SALES RESULTS FOR THE FIRST QUARTER OF 2010

Spekuliantai.lt | 2010-04-12 | NASDAQ OMX biržų naujienos | perskaitė: 1337
Raktiniai žodžiai: Tallinna Kaubamaja, TKM
TKM: SALES RESULTS FOR THE FIRST QUARTER OF 2010

Tallinna Kaubamaja Company Announcement 12.04.2010

SALES RESULTS FOR THE FIRST QUARTER OF 2010

The consolidated unaudited sales revenue of Tallinn Kaubamaja Group for the
first quarter of 2010 amounted to 1.4 billion kroons (90.2 million euros). The
sales revenue for the 1st quarter of 2009 was 1.5 billion kroons (97.4 million
euros). The sales revenue dropped by 7%, but segment analysis shows that the
decrease is slowing.

In the first quarter of 2010, the consolidated sales revenue of the business
segment of supermarkets totalled to 1.1 billion kroons (69.2 million euros),
dropping by 4% compared to the same period of the previous year. In the first
quarter, Selver's average monthly consolidated sales revenue per square metre
of the selling space was 5.2 thousand kroons, decreasing by 4% compared to the
same period of the previous year. In Estonia, the sales revenue of the business
segment of supermarkets amounted to 1.1 billion kroons (69.2 million euros)
which is 2% less than during the first three months of the previous year. The
average monthly sales revenue per square metre of the selling space was 5.3
thousand kroons, exhibiting a decrease of 6% compared to the same period of the
previous year. In the comparable stores, the sales revenue per square metre of
the selling space was 5.4 thousand kroons, dropping by 5% compared to the
respective benchmark. In the first three months of 2010, 7.7 million purchases
were made in the Selver stores in Estonia. Compared to the same period of the
previous year, the number of purchases has remained at the same level. In some
regions, the sales effectiveness of the Selver chain was influenced by the
substantial tightening of the competition there. In the situation where the
nationwide retail sales in non-specialised stores, selling predominantly food
products, beverages and tobacco products, decreased by an average of 9.5%
during the first two months of this year, the turnover of the Selver stores
dropped only by 2% during the three first months of 2010, which refers to the
increase in market share. The sales results of the 1st quarter have been
promoted by marketing activities and sales campaigns. In line with the decision
passed in autumn 2009 to freeze the business activity of the subsidiary SIA
Selver Latvia in Latvia, five of the six Selver stores operating in Latvia had
been closed by the end of 2009. The last of them, the store located in
Daugavpils, was closed in this March. Hence, the sales revenue of Selver in
Latvia for the 1st quarter of 2010 was 0.2 million kroons (10 thousand euros)
compared to 25.8 million kroons (1.7 million euros) in the same period of the
previous year. In this March, a Selver store was opened at Rannarootsi Centre
in Haapsalu. The store has a selling space of 1.5 thousand square metres. After
the opening of the Rannarootsi Selver, there are altogether 35 Selver stores in
Estonia.

The sales revenue of the business segment of department stores for the first
three months of 2010 was 254.3 million kroons (16.3 million euros), dropping by
8% compared to the same period of the previous year. During the first three
months, the sales revenue of the business segment of department stores per
square metre of the selling space was 3.4 thousand kroons per month that is 14%
less than in the same period of the previous year, however, the average selling
space of the department stores has grown by 852 m2. In the first quarter,
renovation works were performed in the Men's Fashion and Technology Department
at Tartu Kaubamaja where a new music store was opened in an entirely new
selling space. The renovation works at Tartu Kaubamaja were carried out mostly
in March. In the second half of the first quarter, there are signs that economy
is picking up again, and in March the net turnover of the business segment of
department stores was at the same level with the previous year. In the first
quarter of 2010, the sales revenue of OÜ TKM Beauty Eesti, operating three
I.L.U. beauty stores, totalled to 6.7 million kroons (0.4 million euros). The
first store of the I.L.U. chain was opened in March 2009 at Pärnu Centre,
followed by the stores opened in November 2009 at Rocca al Mare shopping centre
in Tallinn and at Lõunakeskus in Tartu. The fourth store of the chain is
planned to be opened this autumn at Kristiine Centre in Tallinn.

The sales revenue of the business segment of real estate for the first quarter
of 2010 outside the Group was 10.0 million kroons (0.6 million euros),
exhibiting a drop of 11% compared to the same period of the previous year due
to the reduction of renting activities in Latvia.

The depression is continuing in the car segment, 2090 passenger vehicles were
sold in Estonia in the first quarter, which is 18% less than a year ago. Sales
fell 37% in Latvia, 825 vehicles were sold. In Lithuania 1371 vehicles were
sold and decrease was 27%. The sales revenue of the car segment for the 1st
quarter of 2010 with the exclusion of inter-segmental transactions was 23.1
million kroons (1.5 million euros), falling short of the revenue for the same
period of the previous year by 63%. In the first three months of the year, a
total of 141 cars were sold, i.e. 173 cars less than in the same period of the
previous year. KIA vehicle market share of the Baltic states exceeded the 3% in
the first quarter, a year ago it was 2.14%.

In the first quarter of 2010, the turnover of the footwear trade was 38.6
million kroons (2.5 million euros), dropping by 4% compared to the same period
of 2009 that represents the smallest decline during the last six quarters. The
dynamic development of the SHU footwear chain continued in the first quarter
when new SHU stores were opened in the former selling spaces of Suurtüki at
Viru Centre, Järve Centre and Lasnamäe Centrum. The company considers the
launch of SHU concept as successful project and in the second quarter, the
active expansion of the SHU footwear chain will take place also outside
Tallinn. Currently, 28 stores of 31 stores of the Group's footwear stores are
located in Estonia and 3 in Latvia.


Raul Puusepp
Chairman of the Board
Phone +372 731 5000

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