“Romanians’ perception regarding IT&C products is that these are luxury products, while the white goods (Ed.n. – refrigerators, cookers, and washing machines) are necessary,” the Chairman of Flamingo Internationa, Dragos Simion, said.
Sales on the white goods segment fell 30-35 percent in the first three months, while the black goods sector (TV, LCD and plasma screens) plummeted 45-50 percent at market level, according to company officials.
Flamingo posted sales worth RON 100 million (some €24 mln) in the first quarter of this year, down 34 percent year-on-year, according to company representatives. The net loss amounted to RON 23 mln (some €5.5 mln).
Company officials expect the market to bounce back in this year’s second half, and estimate that sales in the second quarter will reach the level registered in Q2 2008. The household appliance, electronic, and IT&C product retail market is estimated at €1 billion annually, with Altex, Flamingo, and Domo as main players.
