IKEA Cyprus to generate EUR 40-50 mln sales

The IKEA Cyprus store, which is expected to open up for business by June 2007 is expected to generate annual sales of between EUR 40-50 mln, according to the head of the Greek franchise owner, Fourlis.

The CEO of the company Vassilis Fourlis told Reuters in an interview that the company is expecting EUR 200 mln in sales from the two IKEA stores in Athens. The 2nd Athens store is expected to open in Sept. 2007. The Group also plans to open a new IKEA outlet in Bulgaria in 2008.

Furthermore, Fourlis decided not to exercise the put option of the 20% stake it holds in Kotsovolos to Dixons Group, as it expects to fetch a better price when the call option expires on 2009. Fourlis is expecting at least EUR 32 mln for the stake.