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Aug 28, 2009
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Cyprus retailer Ermes first half net falls on sales drop

By
Reuters
Published
Aug 28, 2009

NICOSIA, Aug 28 (Reuters) - Cypriot retail group Ermes (ERME.CY) said its half-year net profit fell to 689,000 euros from 4.18 million in 2008, citing a poor retail climate.


Debehams in Cyprus from Ermes - Photo: www.ermes.com.cy

The company, which has franchises ranging from forklifts to face creams, said total turnover at the group rose 21.2 percent in the first half from the acquisition of two new companies, and its ownership share in the consortium running Cyprus's two commercial airports.

"Taking into account seasonal fluctuations in the turnover of the group, we expect results of the second half to be improved in relation to the first half," the group said in a statement. The group, which runs the Debenhams chain of stores in Cyprus and British high street brands Next, Oasis and Peacocks, said that without the incorporation of sales from its new acquisitions, it saw a general drop in sales of 10.3 percent.

(Writing by Sarah Ktisti, editing by Will Waterman)

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