Fourlis Group delivered a significant financial performance in 2023, demonstrating the resilience of its business model, the successful implementation of its transformation plan, and its ability to create value for its shareholders.

Group sales amounted to €535.1 million in 2023 from €501.4 million in 2022, up 6.7% year-on-year.  On a comparable basis, i.e., excluding sales from "The Athlete's Foot" and "Intersport Turkey," this results in double-digit sales growth of +10%.

Both the home furnishings and furniture sector (IKEA stores) and the sporting goods sector (INTERSPORT stores) are supporting the sales growth, which is due to strategic initiatives and market growth trends. Due to IKEA stores' dominant market position and improved stock availability, home furnishings and furniture (IKEA stores) experienced significant year-over-year growth of 12.9%.

Sporting goods retail (Intersport stores) showed sales growth of +6.3% year-on-year and like-for-like, reflecting our commitment to remain at the forefront of the evolving retail market. In addition, the group's new retail business in the health & wellness sector, activated in 2023 through 6 Holland & Barrett stores in Athens and an e-commerce channel, is gaining momentum.

According to the above, the Board of Directors will propose to the Annual General Meeting the payment of a dividend for the financial year 2023 of EUR 0.12 per share, compared to EUR 0.11 per share distributed for the financial year 2022.

FINANCIAL HIGHLIGHTS

 Operational Efficiency and Profitability Growth

• Significant EBITDA (OPR)* growth of 21.8%, reaching €48.2 million FY’ FY'23 compared to €39.6 million . last year, on the back of rationalization of operating costs and increasing operating leverage.

• The Group’s EBIT reached € 55.5 million . in FY '23, up by 64.5% from € 33.7 million . in FY ’22, with the EBIT margin reaching 10.4% in FY ’23 from 6.7% in FY ‘22.

• Significant revaluation gains amounting to €22.4 million . were recorded by Fourlis Group within 2023, the majority being attributed to the recent acquisition of Smart Park, the largest retail park in Greece.

Fully committed to expanding its portfolio of high-yielding and high-quality real estate assets, the Group’s subsidiary Trade Estates, as of the end of 2023, significantly increased its gross asset value by 65% to €477 million . and its net asset value increased by 41% to €298.4 million., resulting in strong dividend returns.

• Revenue from the Group’s retail business was up by 10% at €521.3 million . in FY ’23.

• EBITDA (OPR)1 from the Group’s retail business increased by 25.8%, reaching €35.9 million., with the EBITDA (OPR) margin at 6.9%.

• The net debt of the group’s retail business reached its lowest level within the decade, reaching €84.8 million . in FY '23, highlighting the group’s commitment to deleveraging its balance sheet.

Dimitris Valachis, Chief Executive Officer of Fourlis Group, commented: “Our strong performance in FY 2023 reflects our commitment to strategic growth and continuous upgrade of our business model. Staying at the forefront of our markets and delivering a top retail customer experience ahead of market growth has been pivotal to our success. With double-digit revenue growth, enhanced operational efficiency, and successful execution of key strategic milestones, we have laid a solid foundation for continued success. As we move forward, we remain focused on delivering value to our shareholders, driving profitable growth, and further strengthening our position as a leader in the retail sector.