Ostahie, Altex: December brought weaker than expected sales

Dan Ostahie (photo), chairman of Romania’s biggest retailer of electronics and electrical home appliances, stated the last month of 2008 brought commercial results below initial estimates, which had pointed to sales worth almost 70m euros. “December was a month with lower-than-expected sales. It did not bring the spectacular increases of the past years and was in line with the past three months, with a typical holiday surge,” stated Ostahie. According to previous statements, this is the first time the retailer misses its sales target. The company’s representatives in early 2008 stated December 2007 sales stood at some 70m euros, and with this figure the annual sales target of 300m euros had been hit. Sales posted in December 2008, according to Altex representatives, were lower than expected because of consumers’ reluctance to new acquisitions amid the global financial crisis. “2008 was a year harmed by the crisis, which marked the second half of the year. In real terms, though, last year is still a growth year for the sector,” stated Ostahie. He did not specify the level of December sales, or whether the turnover target, of 350-360m euros, was reached in 2008. The other two retailers specialised in electronics and electrical home appliances, Flamingo and Domo, previously stated December would not bring increases similar to those of past years.