Flamingo posts €160,000 in profits

For January-September 2006, the company posted gross losses worth €5 million and turnover of €112 million. Losses were recovered due to cost-efficient policies, which allowed savings exceeding €6 mln.
The company consolidated its Flanco World network by the end of the third quarter, by opening five stores countrywide, to a total of 13 units. A further seven stores are to be opened by the end of 2007. The group also owns the Flanco and Flamingo networks, with a total sales area of 47,000 sqm.

According to Flamingo officials, the household appliance and IT retail market is to reach €1 billion by the end of 2007, 15 percent higher year-on-year. Flamingo has a 17 percent share of the market, and its main competitors are Altex and Domo.