Altex: Survival cannot be a target. We are adapting to the market

After a period in which Altex officials were hesitant to comment about the evolution of the electronic retail market and their own business, the ice has been broken. “The fog is lifted. We now have some visibility about what is happening on the market,” said Dan Ostahie, Chairman of Altex, in a press conference regarding the firm’s strategy. Altex posted a 50 percent decline in sales in the first six months of this year, to €83 million, a drop in line with the market.

In an attempt to adjust to the effects of the economic crisis, the company’s operating costs fell 43 percent in H1 compared to the second half of 2008, due to the renegotiation of commercial space lease contracts and a 50 percent reduction in occupied office space. Moreover, the number of employees decreased 25 percent this year, to 1,500 from some 2,000.

Regarding the evolution of the market, officials say that the critical point was in June, when the lowest sales were registered, after which the market began a “slow recovery.” The market is expected to stabilize in the third quarter, and to pick up in the final months of 2009.