Altex Sales Rose 7% In 2010 To EUR195M

05.11.2011 By Andrei Circhelan

Romanian household appliances and electronics retailer Altex posted sales of EUR195 million in 2010, up 7% on the year, the company's owner and president Dan Ostahie said Wednesday.

Altex posted a net profit of EUR3 million last year, mostly fueled by sale of assets.

IT products sold best in 2010 (posting a 13% growth), while large household appliances' growth in sales was of 8%. Minor increase also posted the small appliances (6%) and electronics (4%) segments, while the entertainment sales were down on the year.

Consumer lending financed 15% of Altex sales in 2010, compared to 70% in 2007.

"In 2009, the market narrowed by 40%-50%, and in 2010 it further shrank by 15%.

(…) We expect consumption to grow in the fourth quarter this year and in 2012," Ostahie told a news conference.

Altex currently has 89 stores, including 13 Media Galaxy units, which cover 25% of the group's sales. This year, Altex plans to open new stores depending on opportunity and the launch of new shopping centers. Furthermore, the group considers selling assets not directly linked to core business.

Altex sales peaked in 2008 at EUR330 million.