Electronics and home appliance retailer Altex said its 2008 annual turnover had increased to 344 million euros in 2008, up 8.5% from 2007.
In early 2008, the market increased at the pace registered over the past few years of ongoing growth. In the first six months, Altex’s revenues were 47% higher than Q1 2007, as the market was growing 20% year-on-year.

The performance of the market was triggered by the rapid economic growth in first quarter 2008, estimated at 8%, Altex said.

In first nine months 2008, the turnover of the company reached 248 million euros up 38% year-on-year.

The profitability indicators stood below early-year estimates, the retailer’s end-year earning before interests, taxes, depreciation and amortization (EBITDA) being 1.3%.

“Despite the poor economic conditions which created widespread confusion over the market due to the relatively rapid installation of the financial crisis, we now announce the highest turnover ever registered by Altex in its history, 344 million euros, exceeding 8.5% mark in 2007”, said Dan Ostahie (photo), chairman of Altex.

In 2008, the retailer opened 8 new stores in Bacau, Brasov, Bucharest, Buzau, Cluj, Craiova and five Media Galaxy stores in Braila, Focsani, Oradea, Pitesti and Suceava.

“Altex’s development strategy required the adjustment to the evolution of the consumer behavior. If few years ago we were focused on central city stores, our strategy involves now large modern shopping centers, that provide more shopping options”, Cristian Moanta, marketing and acquisition director Altex.

Altex invested 15 million euros in its promotion and communication activity. Another focal point in Altex’s 2008 development strategy was staff training, for which the retailer allocated 630,000 euros.

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