FOURLIS HOLDINGS S.A. (Bloomberg: FOYRK:GA - Reuters: FRLr.AT - ISIN: GRS096003009) announces its 9M 2023 financial results.
9M 2023 key Financial Highlights
✓ Fourlis Group revenue increased significantly by 15% yoy on a like-for-like basis, i.e. excluding Intersport Turkey and TAF sales, driven by strategic initiatives, market leadership and market trends.
✓ Solid Gross Profit margin at 45.4% in 9M ’23, at a similar level compared to 9M ’22, supported by strong RHF gross margin and a positive trend in RSG gross margin toward stabilization.
✓ Significant EBITDA (OPR) growth of 29.1% reaching €31.5 mil. compared to €24.4 mil. in the respective period of last year, on the back of optimization of operating costs and increasing operating leverage.
✓ Similarly, EBIT, excl. the impact of asset revaluation gains, increased significantly by 45% during 9M ’23 at €20.2 mil. from € 13.9 mil. in 9M ’22.
✓ The Net Debt of the Group’s retail activities was reduced by €13mil vs last year, from €107.6 mil. in 9M ’22 to € 94.4 mil. in 9Μ ‘23 highlighting the Group’s commitment to optimizing its capital structure.
✓ Trade Estates IPO was successfully completed on November 3rd 2023, with Fourlis holding 63.0%, Autohellas 9.7%, Latsco 3.1%, IPO Investors 23.4%, and Management holding 0.8%. The successful offering met solid demand, solidifying Trade Estates' position for future growth and development and paving the way for further value creation for Fourlis Group shareholders.
The Group’s nine-month of 2023 financial results reflect the resilience of our business model and the successful execution of our transformative strategic plan. As we navigated through the first three quarters of 2023, our commitment to quality, exceptional customer service, and strategic investments fortified our position, creating a robust foundation for future endeavours.
During this period, our relentless efforts in modernizing and expanding the Group's retail network across our geographical territory were accompanied by focus behind optimizing operations and logistics, omnichannel operations, and digitalization, solidifying our market presence. Simultaneously, the successful IPO of Trade Estates and its future de-consolidation from Fourlis
Group aligns with our commitment to unlocking additional value for our retail activities, further fuelling our growth trajectory.
