The consolidated unaudited sales revenue of the Tallinna Kaubamaja Group in the first 9 months of 2011 was 316.5 million euros, having grown by 5.3% compared to the result of the first 9 months of 2010, when the sales revenue was 300.7 million euros. In the 3rd quarter, the sales revenue of the Group was 110.3 million euros, exceeding the sales revenue of a year before by 6.7%. The reference base was influenced by the sales tax, levied in Tallinn since June 2010, which decreased the sales revenue of the Group earned in the first 9 months of 2011 by 1.5 million euros (by 0.6 million euros in the first 9 months of 2010). As of 01.01.2011, the principles for calculating the sales revenue of the Group changed and the reference data of 2010 have been adapted to the new principles. As a result, an additional 7.7 million euros have been recorded in the sales revenue of the first 9 months of 2010.
The consolidated sales revenue and the sales revenue in Estonia in the business segment of supermarkets was 234.9 million euros in the first 9 months of 2011, having grown by 3.2% compared to the same period of the previous year. The consolidated sales revenue and the sales revenue in Estonia in the 3rd quarter was 81.6 million euros, having grown by 3.6% compared to the same period of the previous year. The month’s average sales revenue of goods per one square metre of selling space in the first 9 months of 2011 was 0.37 thousand euros, having grown compared to 2010 by 3.3% in the consolidated view and by 2.8% in the view of the Estonian market. In the 3rd quarter, the sales revenue per one square metre of selling space was 0.38 thousand euros, thus showing an increase of 3.5% in both consolidated data and the Estonian market. The sales revenue of goods per one square metre of selling space in the comparable stores was an average of 0.38 thousand euros in the first 9 months of 2011 and 0.39 thousand euros in the 3rd quarter, thus displaying an increase of 3.7% and 4.5%, respectively. In the Selver stores located in Estonia, 24.9 million purchases were made in the first 9 months of 2011, which is 0.8% lower than the number of purchases made a year before. The increase in the sales revenue of Selver’s goods in these 9 months was mainly due to the continuously successful sales campaigns and sales campaigns carried out in accordance with the target customers' expectations. In addition, the sales revenue of goods is influenced by the overall inflation of food products that has occurred in Estonia, resulting in a decrease of sales volumes all over the country and in Selver stores. Compared to the previous year, the sales revenue growth has been negatively affected by the continued tight competition on the retail market and the levy of the sales tax in Tallinn. In addition, closing the Kadaka Selver for a 1-month period of repair works to renew the store had a negative influence on the sales revenue. Due to the closing of Latvian stores, the sales revenue of Selver in Latvia was 1.3 thousand euros in the first 9 months of 2011 (29.6 thousand euros in the first 9 months of 2010), while there was no sales revenue of goods in Latvia during the 2011. In July, the Soldino Selver was closed. At the moment, Selver is continuing operations in Narva with one store. The area is still attractive to Selver and in case of suitable conditions and agreements we see potential for expansion in Narva. The Selver chain includes 34 stores and a central kitchen.
In the first 9 months of 2011, the sales revenue of the business segment of department stores was 55.2 million euros, having increased by 6.3% compared to the same period of the previous year. Of that, the sales revenue of the 3rd quarter was 18.9 million euros, which was 10.4% higher than the sales revenue of the 3rd quarter of 2010. In august, the selling space of Kaubamaja diminished by 525 m2, as the youth department of Kaubamaja was closed. In the first 9 months of 2011, the sales revenue of OÜ TKM Beauty Eesti, which operates the I.L.U. beauty stores, was 2.0 million euros, having grown by 41.8% compared to the same period of the previous year. Of that, the sales revenue of the 3rd quarter was 0.8 million euros, 58.3% higher than the corresponding period of 2010. Compared to the 3rd quarter of the previous year, in September 2010 the I.L.U. chain opened a fourth store in Tallinn in the Kristiine Centre and a fifth store has been open in the Ülemiste Centre in Tallinn since April 2011.
The external sales revenue of the real estate business segment for the first 9 months of 2011 was 2.1 million euros, having decreased by 1.4% compared to the same period of the previous year. The sales revenue of the 3rd quarter of the accounting year was 0.7 million euros, which is 4.6% more than the result of the 3rd quarter of 2010.
The sales revenue of the vehicle segment for the first 9 months of 2011 without inter-segment transactions was 14.3 million euros, thus exceeding the sales revenue of the same period of the previous year by 50.8%. The sales revenue of 5.3 million euros earned in the 3rd quarter exceeded the sales revenue of a year earlier by 62.0%.
The turnover for the footwear segment in the first 9 months of 2011 was 10.0 million euros, having grown by 6.7% in a year. In the 3rd quarter, the turnover was 3.8 million euros, exceeding the same period of 2010 by 7.9%.The turnover of the footwear segment fulfils expectations. Achieving it has been helped along by increasing the sales efficiency of stores by concept exchanges and successful sales campaigns, especially in the SHU chain. In the 3rd quarter, no new footwear stores were opened. At the end of August, the ABC King store in Zeppelin centre in Tartu was closed due to losses. As of September, Suurtüki NK OÜ owns 13 stores in Estonia, ABC King AS owns 10 stores in Estonia and ABC King SIA owns 3 stores in Latvia.
Raul Puusepp
Chairman of the board
Phone +372 731 5000