TALLINN - Consolidated sales of the Tallinna Kaubamaja (Tallinn Trade House) increased by 36 percent, while net profit soared nearly 75 percent year-on-year over the nine-month period, non-audited figures show. The company posted sales of 1.9 billion kroons (121 million euros) and earned 43 million kroons of profit in the nine-month period.
"It pleases us that, despite the aggressive expansion, we have managed to increase effectiveness, and the sales of the group have grown considerably faster than the sales area," said Tallinn Trade House chairman Raul Puusepp.
In the department store sector, the company's sales last year increased by 26 percent, according to Puusepp, mainly due to the company's expansion into the Viru Center.
Third quarter consolidated net sales of the group totaled 700.6 million kroons, 38 percent higher year-on-year. The group's consolidated net profit was 11 million kroons in the third quarter. The profit figure was influenced by expansion of Tartu Kaubamaja and growth in proceeds as a result of the opening of three new Selver supermarkets, the company said.
Previously, the company has cited the redesign of the downtown mall and an increasing range of internationally well-known brands as reasons for robust sales increase.
Still, the company said in August that the average sales area in the first half of the year amounted to 44,149 square meters, an increase of 21 percent year-on-year.
A-Selver's sales have grown 41 percent since last year. Selver Kook (Selver Kitchen) has seen its three-quarter sales jump 67 percent against the same period last year.
The A-Selver chain of grocery stores is wholly owned by Tallinn Trade House.
Tallinna Kaubamaja, a publicly traded company, is majority owned by NG Investeeringud, an Estonian investment group.