Jelmoli reports rise in turnover (CH)

Jelmoli Zurich has reported that its turnover (including Specialty Businesses) for the first half-year 2007 was 3.3% higher than in 2006 per comparable sales floor area.

At the end of April 2006 the remaining Gourmet Factory floor areas were transferred to speciality businesses. After these adjustments, about half the overall rental income at Jelmoli Zurich is now attributable to external shops. With new openings balancing closures of unprofitable stores (one each), the situation with Molino and Beach Mountain remains unchanged from last year.

Self-operated floor areas were again reduced overall compared with prior year, so that the absolute increase in turnover was lower at +0.7%. Turnover of the Jelmoli Zurich shopping gallery as a whole (including external tenants) is markedly higher than in 2006 (+4.6%).

Domestic Appliance / Multimedia business continues to do well, with a 9.6% turnover rise also attributable to the Eschenmoser and netto 24 acquisitions during the first half of 2007 (+0.8% adjusted for sales floor area). Since this segment has meanwhile been sold to Coop, it will no longer be reported in detail but summarized under 'discontinued business'.

Additional rental income from the five newly acquired Eschenmoser properties and from new openings in Lutry and on Sihlstrasse Zurich brought a significant increase of +7.7% compared with prior year. Also after adjustment for sales floor area, rental income rose significantly (+4.9%) due to vacant floor space utilization in Geneva and higher minimum rental agreements for various properties.

All Jelmoli Group business units made a good start to 2007. The optimized cost basis continues to have a positive effect on operating income and net profit this year.

Source: Jelmoli

Related News