“If we do not have a sales peak at least in November or December, we will witness a first, with 2008 as the worst year in the retail field in the past 15 years,” said Dragos Simion, President of Flamingo International.
The retail group posted a 56 percent increase in sales in the first nine months of 2008, up to more than €143 mln. This increase is due mainly to the upward evolution of distribution activities, which rose some 120 percent from its 2007 level and by an annual 32 percent in retail.
“Despite the promising results, we are viewing the current performance of the Flamingo International group during the international financial crisis with extreme caution. We have implemented very strict financial control measures in all domains. The market is unstable at the moment due to the financial crisis and loan regulations imposed by the National Bank of Romania, and this is affecting our sales,” said Jiri Rizek, Chief Executive Officer of Flamingo International.
Flamingo estimates the value of the local IT&C retail market at some €1.1 billion.
