“Company sales reached EUR65 million in the first nine months of the year, up 50% on the same interval of 2010. In addition, the company switched to profit. Net profit, in the interval analyzed, reached EUR200,000. By the end of the year, net profit should reach EUR1 million,” Olteanu told a news conference.
The company has an 11% market at the end of September, according to GfK data, and it expects to reach a market share of 12% by the end of the year.
Flanco Retail operates the business previously owned by Flanco International and it is one of the largest local retailers of IT&C products, with 73 stores. Flanco International went insolvent in 2009, foreclosed at the request of ING Bank Romania.
“We have 73 stores and we will open another one, ultimately reaching a total 78 by the end of the year,” Olteanu added.
For 2012, Olteanu expects sales to reach EUR140 million, without considering the positive impact on sales brought by the network’s expansion.
Flanco stores have an average 1.3 million clients per year, according to company data. The average purchase value per client reaches RON400, VAT included.
The company currently has 800 employees.