Nay’s revenues down in Slovakia in 2009

2010-02-15

Nay, the Slovak electronics retailer reported revenues of €146.8m for 2009, according to the company’s preliminary, non-audited results. This represents a decline of about 25% compared to the previous year. The company’s EBITDA last year decreased by two-thirds year on year to approximately €5m.
The decline in Nay’s revenues can be attributed to the consumers’ shift towards cheaper products that was observed in 2010. Sales of TV sets fell by 14.5% year on year, while year-on-year declines were also observed for notebooks (10.1%), refrigerators (9.4%) and washing machines (10.3%), according to Nay data.
In 2010 Nay expects higher sales, thanks to the introduction of new technologies, such as 3D television sets, which the company plans to start selling in April. Sales may also be boosted by increasing digital coverage in the country, thus increasing the number of Slovaks with access to digital TV channels.
Nay has operated as a wholesaler and distributor of electronic equipment in Slovakia since 1991. The company opened its first retail outlets in 1992. A share of 48% in the company was acquired for €17.5m by the investment company Enterprise Investors in 2005. At present, the retailer operates 25 outlets in 22 Slovak cities and towns. The company also plans to expand its chain in the Czech Republic in 2010 (see the news: “Nay to open more shops in the Czech market”, for more details on this topic).