Redan, which has been in the red for a couple of years, had PLN 208.3m (EUR 55.6m) of sales and PLN 3.6m of net income in the first three quarters of this year. A year ago, the group had PLN 183.2m of sales and PLN 6.2m of net loss. In the third quarter, the net income amounted to PLN 0.4m.
“We are happy that despite sales season we have managed to generate so good results in the third quarter. We will end the year in the black, we will increase sales”, Piotr Kulawinski, Redan CEO said.
The management is optimistic despite worldwide crisis.
“The crisis the media are talking about, does not exist in shopping malls. We don’t feel it ourselves because the clients still spend a lot of money for clothes. Maybe they don’t buy houses and cars any more”, Piotr Kulawinski said.
Redan has 340 shops selling three brands, including Textillmarket, Top Secret and Troll. Next year, it plans to launch 50 new shops. This investment should be financed with its own funds. The management would like to launch more shops but it has to pay back PLN 30m of debt till the year 2010.
“We keep looking for banks which would take over the loan and prolong the payment. This would let us develop faster”, Piotr Kulawinski admitted.
(PLN 1 = EUR 0.267)