$20m in Q1 sales for Flamingo

Flamingo Group’s revenues amounted to $20 million in Q1, 2004, 34% higher than a year ago. It aims to get $100 million in 2004. Each of the three core businesses of the group, domestic distribution, international distribution and retail proceeded along the same development lines, Flamingo officials say. “The retail business, developed by Flamingo Computers, accounted for over one third of Flamingo’s turnover at the beginning of this year,” Dragos Simion, Flamingo chairman stated. Which really means Flamingo sold six million dollars in IT products through its retail chain. The remaining 66% of the revenues, $14 million to be precise, were derived from the distribution business. Flamingo Computers opened six new stores in Q1, four of which in the provinces and two in Bucharest. It expanded its network by 15 points of sales in the second half last year. The expansion of the retail chain in the first three months of the year required 300,000 euro investments, which do not include the merchandise allocated to the six stores. The international distribution business, handled by Flamingo International, is on the rise, as well, officials say, without going into details though. The growth is propelled by the higher demand for IT equipment on the SE Europe markets where the company has several branches open. ZF