The turnover of Fourlis Group in the first quarter of 2024 amounted to €122 million euros, compared to €116.6 million euros in the same period last year. EBITDA amounted to €6.5 million compared to €2.6 million in the same period last year, while net loss decreased to €2.5 million compared to €4.3 million last year.

According to a pertinent announcement from the company, the group's new retail activity in the health and wellness sector, Holland & Barrett, demonstrated a significant performance, while the home furnishings and furniture sector (IKEA stores) and the positive sales momentum in the sports goods sector (INTERSPORT stores) both contributed to the increase in sales.

An increase in third-party revenues from Trade Estates also supported consolidated revenues.

Group gross profit was 57.5 million in Q1 FY24, up from 51.8 million in Q1 FY17. EUR 51.8 million in 1Q23, with the Group's gross profit margin at 47.1% in 1Q24 compared to last year's gross profit margin of 44.4%, mainly supported by the strong gross profit margin of the home furnishings and furniture business (IKEA stores), as well as an improvement in the gross margin in both Sporting Goods (INTERSPORT stores) and Health & Wellness (Holland & Barrett stores).

Group EBITDA (OPR)* increased by 156% to €6.5 million in 1Q24 from €2.6 million in 1Q23, while EBITDA (OPR) margin increased to 5.4% in 1Q24 from 2.2% in 1Q23.

Group EBIT amounted to €2.7 million in 1Q24 from a loss of €1.3 million in 1Q23, with an EBIT margin of 2.2% in 1Q24. 

The Group reported a loss before tax of €3.1 million in 1Q24 from a loss of €5.8 million in 1Q23 and a loss after tax of €2.5 million in 1Q24 from a loss of €4.3 million in 1Q23. 

After Minority Rights, the group reported a loss of €3.6 million from €4.5 million in Q1 '23.

Group Retail sales amounted to € 116.2 million in 1Q24 from € 112.0 million in 1Q23, up 3.7%, mainly due to strong sales growth of 4.6% in Home Furnishings and Furniture Retail (IKEA Stores) as well as positive growth at Intersport and the strong performance of the Holland & Barrett stores.

With support from all of the Group's retail activities, the Group's e-commerce business is expanding, accounting for 17% of the Group's overall retail revenues in 1Q'24 as opposed to 14% in the same quarter last year.

The group's retail gross profit margin from the group's retail business reached 44.5% in 1Q24 from 43.5% in 1Q23, highlighting the group's competitive advantage in its supply chain.

Fourlis Group's Home Furnishings and Furniture Retail (IKEA stores) continues to represent one of the best performing areas for the Interikea Group. Excluding the impact of Trade Estates, which is currently fully consolidated in this segment, sales grew by 4.6% in 1Q'24, reaching €78.2 million from €74.7 million due to sales volume growth, underscoring the leading market position of IKEA stores across the group's business area.

Mr. Dimitris Valachis, CEO of Fourlis Group, commented: "Our performance in Q1 2024 marks an optimistic start to the year, with increased sales and improved profitability despite a traditionally difficult quarter. Our commitment to executing our strategic plan, including our optimization, customer experience improvement initiatives, was instrumental in delivering these positive results. Building on the momentum of fiscal 2023, where we achieved double-digit revenue growth and improved operating efficiency, we are poised for another successful year. Looking ahead, we are focused on a clear strategic roadmap that emphasizes improving performance across our retail operations, leveraging digitalization and expanding our presence in our markets."