Istanbul: Turkish retailer Boyner expects sales to grow 20 per cent this year, in line with its performance in the first quarter, its chief executive said Monday.
Asli Karadeniz said the company's profit in 2010 would come in much higher than last year's as the company plans to focus on more profitable in-house brands this year.
Shares in the company have risen more than 70 per cent since March 1 when the company announced 2009 net profit of 7.3 million lira (Dh17.39 million), a substantial jump from 395,500 lira in 2008.
"Our sales revenue grew 20 per cent in the first quarter. It looks like that is how it will be for the first three quarters. Looking at that course of events, our expectation for growth by the end of the year is 20 per cent," Karadeniz said in an interview.
The company announced sales of 482.7 million lira in 2009, a rise of 5.7 per cent from the previous year.
Shares in the company were trading 2.25 per cent at 2.27 lira at 1140 GMT yesterday.
Karadeniz said a large portion of the company's $9 million (Dh33 million) investment budget for 2010 will be directed towards opening new stores in Istanbul and in the rest of Turkey.
She said the company was looking to open at least one store near the Syrian border, which it hopes will attract tourists from the Arab country after Turkey and Syria agreed to end the visa regime between the two countries.
Boyner is also planning to open a store in 2011 in Arbil, in northern Iraq, she said, adding the company was evaluating offers to construct stores in Azerbaijan as well as the Gulf states.
