KORRES NATURAL PRODUCTS SA
KORRES / Η1 2015 FINANCIAL RESULTS
+16% GROWTH IN CONSOLIDATED SALES
+39% GROWTH IN EXPORTS SALES
SUBSTANTIAL INCREASE IN PROFITABILITY
High growth rates for KORRES Group in the H1 2015 financial results. Double digit Consolidated sales growth combined with profitability improvement and double net profits.
In particular Group's sales increased by 16%, at 30,3m.euro from 26,2m.euro in the corresponding period of 2014, as a result of the positive trend both in Greece and all strategic markets abroad.
In Greece, despite the difficult economic environment, Korres brand featured No1 in growth in the cosmetic market in pharmacy with a market share increase, while its sales grew by 3%.This was the result of innovative natural products positioning, as well as of the high effectiveness brand communication and promotional plan in all the strategic product categories.
In the international markets, Group's sales increased by 39%, due to the dynamic development of the brand in the US but also in all the key markets in Europe, such as Germany, UK, France, Spain and Scandinavia, with total average growth of 40%.
Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 44% at 5,7m.euro from 3,9m.euro in H1 2014. Compared to the Adjusted EBITDA (excluding extraordinary restructuring cost impact) of 5,5m.euro in H1 2014, increased by 4%.
Net earnings after tax and minority results doubled (+107%), at 1,1m.euro from 0,5m.euro in the corresponding semester of 2014, as a result of the very good performance of the overall Group's activity.
The significant presence and development of Korres Group in the international markets -as reflected also in H1 2015 results-, creates a solid base to continue in the direction of sustainable profitable growth.
In Greece, within the context of a difficult economic environment expected to continue in H2 2015, Korres Group will continue to support intensively its brand in the major pharmacy channel with new innovative and high quality products in the strategic categories as well as with promo actions attractive to the customer.
Within the overall Korres Group growth strategy key target remains the increase of international sales contribution in the total Group's activity. In the US, the 2ndlargest market after Greece, Group expects to further strengthen brand's presence in the major sales networks, as the TV channel HSN and Sephora stores. In key European markets such as Germany, UK, Spain, France and Scandinavia with significant upside potential the Group will focus on the existing points of sales organic growth with new launches and promo actions in the strategic categories of face and body.
Finally, Korres Products in line with the strategic agreement with AVON, were launched in the second quarter of 2015 in Brazil entering in a very dynamic market with an extensive client basis.
For more information:
PUBLIC RELATIONS / George Anthoulakis / T (+30) 2130 188835 / E george.anthoulakis@korres.com
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