Tallinn Kaubamaja Group lost EEK 52 mln in Q1

Toomas Hõbemägi

Tallinna Kaubamaja Group that operats department stores in Tallinn and Tartu and Selver supermarkets ended first quarter with a loss of 52 mln kroons.

A year ago the company’s result was a profit of EEK 67.5 million.

The company announced that its consolidated non-audited sales income of the first three months of 2009 was 1.52 billion kroons, up from 1.47 billion kroons a year earlier.

The loss of department stores in the first quarter of 2009 amounted to 11.4 million kroons, down from a profit of 24 million kroons a year earlier.

The consolidated sales income of Selver supermarkets amounted to 1.1 billion kroons which is 16 pct more than in the same period of the previous year.

Selver's consolidated pre-tax net loss amounted to 29.2 million kroons in the first quarter of 2009. A year eralier the pre-tax net profit was 38.6 million kroons.

The results of the first quarter of 2009 were mainly influenced by the overall economic recession decrease of consumption, pre-opening costs of new stores and costs related to initiating the operation of the Latvian subsidiary.

The real estate division earned a net profit of 16 million kroons.

The sales revenue of the car trade segment of 3 months 2009 was 62.8 million kroons. During 3 months of 2009 314 new vehicles were sold, which is 203 vehicles less than a same period year ago. The loss of the car trade segment was 5.9 million kroons in the first quarter.

The net loss of the footwear trade segment was 21.8 million kroons in the first three months of 2009.

Tallinn Kaubamaja Group is listed on the Tallinn Stock Exchange.