SALES RESULTS FOR THE FIRST QUARTER OF 2009


The consolidated unaudited sales revenue of Tallinna Kaubamaja for the first
three months of 2009 was 1.52 billion kroons (97.4 million euros). Sales
revenues for the comparable period last year were 1.47 billion kroons (94.0
million euros). The turnover grew by 3.7%. 
 
The consolidated unaudited sales revenue in the supermarket business segment
was 1.1 billion kroons (72.4 million euros) in Q1 2009, a 16% growth year over
year. The sales revenue in this business segment for comparable period last
year was 973 million kroons (62.2 million euros). 
 
The monthly average consolidated net sales per square meter of Selver's sales
area amounted to 5.5 thousand kroons in Q1, showing a 26% fall year over year.
The monthly turnover per square meter of sales area in comparable stores was
5.9 thousand kroons, a 20% decrease year over year. The overall economic
downturn, declined consumption, lower sales efficiency during the start-up
period in newly opened stores as well as the reduced sales efficiency in stores
where sales area was nearly doubled in 2008 had a negative effect on the sales
efficiency of Selver. During the first quarter of 2009 Selver opened two new
stores in Estonia - in Narva and Kakumäe, and a new store in the Latvian town
of Kuldiga. Altogether the sales area in supermarkets business segment grew by
4,217 square meters in Q1 2009. In total eight million purchases were made in
Selver chain during Q1 2009, which means a 23% increase year over year. 
 
The sales revenue for the department stores business segment for the first 3
months of 2009 was 276.2 million kroons (17.7 million euros), a decrease of 21%
year over year. The average monthly sales of the department stores per square
meter of sales area for the three months totalled 4.0 thousand kroons, which
means a 21% fall year over year. Besides the general fall in consumption, the
sales revenue of department stores was also influenced by the relocation of the
Youth Fashion and the extensive renovations of the Beauty Department that begun
in Q1. At the end of March the Women's Shoe Department was opened, the
innovative selection of which includes shoes as well as bags, hosiery and other
accessories. 
 
The sales revenue of real estate business segment for the first three months of
2009 was 12.0 million kroons (0.8 million euros), an increase of 17% year on
year. 
 
The sales revenue of the car trade segment was 62.5 million kroons (4.0 million
euros) for the first three months of 2009. During the three months, 314 new
vehicles were sold, which is 203 vehicles less compared to the same period the
year before. KIA now holds a 2.2% market share in the Baltic countries, a 21%
decline year over year. The Estonian car market fell by 67% during the first
three months of 2009. The sales of KIA fell by 70%, setting KIA's market share
at 2.9% as at the end of the period. The Latvian market fell the most during
the three month period - 77% and the sales of KIA cars dropped by 91%. KIA held
a 1% market share in Latvia as at the end of Q1. The Lithuanian car market fell
by 70% by the end of Q1 2009. KIA has a 2.1% market share of the Lithuanian car
market. 
 
Footwear retailing accounted for a 40.5 million kroons (2.6 million euros)
share in the Group's sales revenues. Tallinna Kaubamaja Group acquired its
first footwear business in April 2008. Today the Group has two shoe store
chains with 34 stores, 6 of which are located in Latvia. 
 
At the end of March the first beauty store of I.L.U. chain was opened in the
new Pärnu Keskus. The first weeks proved to be a success in terms of customer
interest - the net turnover in March was 0.5 million kroons (0.03 million
euros). Next I.L.U. stores will be opened in November in Rocca al Mare Shopping
Centre and in Tartu Lõunakeskus. The store in Kristiine Keskus and the first
Latvian I.L.U. store are planned to be opened in 2010. 
 
 
Raul Puusepp
Chairman of the Board
Phone: +372 7 315 000