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Kika's Czech subsidiary reports good results

Austrian furniture chain kika/Leiner reported today (Thurs) that its Czech subsidiary kika Nabytek had enjoyed good results during its 2008/2009 business year (1 March to 28 February).

Kika Nabytek increased its net profit by 25.7 per cent year on year to 4.03 million Euros, and its turnover increased by 370 million Czech crowns to 2.12 billion crowns.

Kika, which has five stores in the Czech Republic, will open a sixth at the end of March in Liberec and wants to open 10 to 15 more in that country during the coming five years, according to Czech news agency CTK.

Kika will have a total of 50 stores, including 18 in Central and Eastern Europe, after the opening of the new Czech store.

The firm already has stores in Hungary, the Czech Republic, Slovakia, Croatia, Romania and Serbia and has a franchise in the Russian Federation.

Kika, which has been expanding abroad, opened its first store in Bucharest, Romania, last December.

The branch cost 31 million Euros and has 250 employees and covers an area of 27,000 square metres.

Kika intends to continue to expand in Romania by opening an additional ten stores. The chain will open stores in Oradea and Constanta in summer 2010 and one in Timisoara in 2011.

Romania had tremendous potential, Koch said. "Entrance into the Romanian market is a logical step in our expansion strategy."

Kika opened a store in Riyadh in Saudi Arabia, its first outside Europe, in November 2007 and has a strategic partnership in the country with the Fawaz Al Hokair-Group.

It is reportedly planning to open additional stores in Jiddah, Dhahran and Medina in the near future. The Riyadh store has 25,000 square meters of floor-space.

Firm chief Paul Koch said late last year that the recession had had little if any impact on kika/Leiner since people had continued to spend money on furniture for apartments and businesses.

Austrian Times

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partnership business Kika Leiner furniture crowns stores Koch Arabia Euros kika chain Romania strategy Nabytek Riyadh Europe increased Fawaz Czech

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