Ermes profits unchanged but sales increase Cyprus

Ermes Department Stores Plc (ERME.CY) that among others includes the Debenhams, Avenue and Next stores in Cyprus reported unchanged net profits during the first nine months of 2008 with profit at EUR 5.15 mln unchanged from 9M07 when profits amounted to EUR 5.13 mln. EPS was reported at EUR 0.029.
Total sales however gained an impressive 23.8% year-on-year to EUR 158 mln, with gross profit up 32% YoY at EUR 58.2 mln, while the margins improved by 230bps to 36.6%. Earnings before tax and interest, however, were lower in 9M08 by 6.0% to EUR 7.65 mln due to higher selling and distribution expenses.