Schuitema realizes 16% profit increase

Net turnover of Schuitema has increased from € 2,163 mln in 2001 to € 2.260 mln in 2002 during the first nine months of this year, an increase of 4.5%. Retail turnover increased to € 2,793 mln (2001: € 2,663 mln), an increase of 4.9%. Increase in turnover per sq.m. increased by 10.1% to € 174 p.sq.m. per week.

SchuitemaÂ's market share remained stable at 15.1%. C1000Â's market share increased from 12.1% in 2001 to 14.5% in 2002.

Number of shops
Sales floor space decreased by 22,600 m2 to 418,000 m2. The number of outlets is 488 as per the end of third quarter 2002 and compared to last year has decreased by 43.

The integration of the A&P organization, which was acquired in September 2000 goes ahead as planned. All shops have been converted to the C1000 formula.

Balance sheet and results
Operational result increases by 16.1% from € 37.5 mln in 2001 to € 43.5 mln during 2002. Result after tax increases with 11.5% from € 25.5 mln in 2001 to € 28.5 mln during 2002. Profit per share increases from € 0.73 to € 0.81.

All things being equal a substantial profit increase compared to last year may be expected during financial year 2002. Due to present stock market prices, additional funding from the companyÂ's pension fund may be required, as such weakening the companyÂ's financial position.

For further information please visit

(source: Schuitema)

Related News