Altex sees 80% growth

Electronics and home appliances retailer Altex, which operates the Altex, Altex Megastore and Media Galaxy store chains, announced an increase in sales of about 80% for October and November, compared with the same time last year. “We anticipate sales to go up by approximately 80% from 2004. Therefore we maintain our sales estimates for 2005 at 330 million euros (VAT inclusive), with an accepted margin for error of 3%,” Dan Ostahie, Altex chairman stated. The increase in the sales in October and November was partly due to the Altex Bonus Card product which helped boost sales of the company by 17%, according to Altex” estimates. The introduction of the card thereby reduced the effects of the NBR-imposed cap on consumer lending. According to the company official the card is issued on the spot throughout its shops, without any papers being required and can be transferred to family members to save money during holidays. Whereas Altex” sales in instalments in the corresponding period of last year accounted for 70% and those with cash accounted for 30%, the latter have now increased to 40% of the total of Altex”s sales, the officials say. The retailer established and held by businessman Dan Ostahie is the only major player that does not have an investment fund among its shareholders. ZF