The Fourlis Group aims to reach a turnover of half a billion euros by 2022, which is quite an ambitious goal given the inflationary pressures, as well as the problems that are still observed in the supply chain in relation to furniture retailers (IKEA). However, the optimism of the management and, in particular, the head of the group Vasilis Furlis is largely based on the very good performance recorded by the group, especially in July and August, when sales increased by 7% compared to 2019. the cost can be considered a non-critical parameter, since it already amounted to 4.6 million euros for the first half of 2022 from 6 million euros for the whole of 2019.

Therefore, according to what the president of the group, Mr. V. Furlis, said yesterday, informing analysts about the financial results of the first half of 2022, the estimated turnover for the entire current year is 500 million euros, and the margin before interest and income tax is 2.5% -3%. It is noted that this assessment concerns only the retail activities of the group. Mr. Furlis himself announced a target for 2025, which includes a turnover of 750 million euros and an earnings before taxes and interest (EBIT) of 8%.

In terms of investment in stores, the group plans to include three new IKEAs of 6,000-12,000 sq.m. The aim is to open a new store every year, starting in Patras at the end of 2023 and beginning of 2024, then in Heraklion in Crete and then in Elliniko.

The group is also planning to open a store in Elliniko for the brand Intersport (sporting goods), with 1-2 Holland & Barrett stores expected to be open much earlier, before the end of 2022, which are actively involved in retailing vitamins. , supplements, nutrition, natural and organic cosmetics. After that, new store openings are expected to proceed at a faster pace, with the group planning to open approximately 100-120 stores over the next 5 years in Greece, Romania and Bulgaria.

The investment also includes a new head office in Athens, which V. Furlis first announced yesterday, a new retail center, he said. The new facilities are expected to be fully operational by the end of 2023.

Inflation and deficit

Speaking about whether inflationary pressures have affected consumer behavior and, as a result, sales, the group’s managing director, Ap. they come from a decade of financial crisis. For example, IKEA sales in Greece were 0.99% below 2019 levels, while sales outside of Greece were 9% above 2019 levels.

As for, finally, the problems with the supply chain, the shortfall is estimated at around 8-10 million euros in sales. So far, there are only problems with the supply of goods for IKEA stores, and the improvement is stable, but small.