In the first quarter of 2008, KORRES Natural Products Group sales,increased by 31,6% to EUR 11,3m from EUR 8,6m in the corresponding quarter of2007, driven by increased sales in most product categories. In particular,significant rise of 70,9% has been presented by the face category driven byan important increase in sales in the international markets ,and as well asthe body category (+18,8%) with the development of body care products and ofKings & Queens that have been launched in the market in the second half of2007. Further more, double digit growth of 11,1% has been presented also bythe hair products.
The Group, continuing its dynamic expansion in the international markets,increased its participation of the international sales in the total turnoverto 26,6% from 11,5% in the corresponding quarter of 2007.
Earnings before interest, taxes, depreciation and amortization (EBITDA)reached EUR 2,6m from EUR 2,3m in the first quarter of 2007, enhanced by 12,7%, and the net profit after taxes amounted EUR 1,5m from EUR 1,4m,presenting an increase of 10, 3%, a result of the increased operatingprofitability and the reduced efficient tax rate by 2 percentage points.
The Group continued also in the first quarter of 2008 to reinforce itspresence in the international markets and to enhance its brand awareness withthe opening of 3 new KORRES stores in Paris, in Neuchatel and La Chaux deFonds in Swiss, reaching 17 stores in total abroad while if we incorporatethe 2 in Greece, the network is coming up to 19 stores. Group's target for2008 is to double the number of KORRES stores with the opening of 20 newthrough the local distributors while at the same time the group will continueto promote KORRES Natural Products through the selective distribution networkand Kings & Queens through the semi selective distribution.
In line with the strategic partnerships that the Group maintains and incontext with its major growth targets of creating new innovative products bysystematically exploiting the Greek Flora, proceeded in the first quarter of2008, to further enhancement of its corporation with Chios Mastiha GrowersAssociation , by acquiring 5,13% of MEDITERRA, which is the exclusivedistributor of Chios Mastiha.
Finally, Group's strategy for 2008 will continue to be the developmentand promotion of the existing brand KORRES Natural Products as well as thenew brand 'Kings & Queens' both in Greece and abroad, focusing its interestmainly on the markets of UK, France, Germany, Spain, US and also China andRussia.
KORRES Natural Products is a rapidly developing Greek company with theaim to utilize its extensive scientific resources for the creation ofbeneficial and safe products.
The company today offers a complete skin and hair care range, make-up,sun care products and herbal preparations.
Utilizing the experience with 3000 homeopathic remedies, the companytoday offers more than 500 skin and hair care products and herbalpreparations.
The company has already presence in 28 countries at 1,250 POS globallywith a goal to become an international brand.
For more information please contact the Head of Group Investor Relations,Ms Athina Lagou, on +30-226-205-4651, or email email@example.comATHENS, May 13 /PRNewswire-FirstCall/ -- - Significant Increase by 31,6% in Sales and 10,3 % in Net Profitability for KORRES Natural Products Group - Increase by 31,6% of the Consolidated Sales to EUR 11,3m in the First Quarter of 2008 (from EUR 8,6m in the Corresponding Quarter of 2007) - Increased by 12,7% of the Consolidated EBITDA to EUR 2,6m (from EUR 2,3m in the Respective Period of 2007) - Net Profits (EAT) Increased by 10,3% to EUR 1,5m (from EUR 1,4m in the First Quarter of 2007)
SOURCE KORRES Natural Products Group