There is a number in the results of Attica Department Stores that perhaps says more than the 113.6 million euros in first-half sales. It is 37%. That many of the visitors to its department stores ultimately left having made a purchase in the first half.
One year earlier, the corresponding conversion rate (i.e. the relationship between the number of transactions and traffic) was 35.5%.
The difference seems small. But it is not. In fact, it carries different weight when traffic in physical stores has remained essentially stagnant. With approximately the same number of consumers passing through its doors, Attica increased sales of the physical network by 6.3%. Transactions rose 3.6% and the average value of each purchase 2.5%.
Thus total turnover reached 113.6 million euros in the first half, increased by 7% from 106.3 million euros in the corresponding period last year. Gross profit amounted to 43.2 million euros, with a margin of 38%, while comparable EBITDA increased 3%, to 12.4 million euros. Comparable operating profits strengthened by just 2%, to 10.4 million euros. Comparable pre-tax profits increased by 4.5%, to 9.1 million euros, and net profits by 5%, to 7.1 million euros.
However, there is one Attica activity that is moving at very different speeds. The e-shop. Online sales increased 23% in the first half, almost four times faster than sales of the physical stores. Traffic to the online store strengthened by 22%, while the available range has exceeded 60,000 SKUs.
And there is yet another number worth attention. It is 10.5%. That is what tax-free sales now account for in Attica's total sales. Purchases by visitors from third countries increased 2% in the half-year, despite the slowdown recorded in the first months of the year, which the company links to geopolitical conditions.
For a department store, the second half of the year carries greater weight. Tourism, Black Friday and Christmas account for a significant part of consumption and management itself expects the rise in sales and profitability to continue. At the same time, the plan through 2030 provides for store upgrades, new concepts, greater presence in premium and luxury retail and further development of digital channels.
As regards the physical network, Attica has a contract with PICAR for the use of 36,600 sq.m. in the Army Share Fund Building, where its department store and offices are located. The initial contract was due to expire on 28 February 2027. In January 2024, Attica exercised its right to extend it for another 24 years. The extension is subject to the condition that the contract between PICAR and the Army Share Fund is correspondingly extended as well.
And City Link is not the only long-term commitment. For Golden Hall the company has already exercised a right to extend the main cooperation until 2032, while for other stores in the same shopping center there are agreements until 2046.
The contracts with Pylaia run until May 2047, while the lease for the Tsimiski property in Thessaloniki has been extended until June 2040.