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Friday, 29.03.2024, 01:08
Estonian Baltika improves Q3 results
Results of all operations showed improvement to comparative period by 935,000 euros.
Baltika’s continued operations third quarter sales increased by 17% and it was with 14,648,000 euros the best third quarter in the last five years. The strategic objective is placing greater focus on the development of other sales channels and increase sales through wholesale and franchise and also in e-store. As a result, other channels sales growths are high – wholesale and franchise growth was 56% and e-channel 85%. The quarter was also strong in retail, where sales revenue grew by 12%, totalling with 12,664,000 euros.
Third quarter was successful for all of Baltika’s markets. The economic situation in Baltic countries remained stable although consumer confidence showed rather signs of weakening. In spite of the economic situation influencing the business and stronger competition, Baltic countries showed double-digit growth numbers (+14%), good results owing mainly to collections sales success. Likewise, the sales in Russia, with its unstable economic environment, showed in third quarter 6% growth figures despite of the average sales area decrease by 6%.
With the good sales in both retail and through other channels, the third quarter resulted in 151,000 euros net profit. Together with the discontinued operations, the nine months net loss was 1,683,000 euros, which includes the loss from allowance for assets in Ukraine of 1,095,000 euros. Three quarters continued operations net loss was 354,000 euros, which is 55,000 euros better result than in the same period prior year.