Romanian electro-IT retailer Flanco ups profit four times, opens new stores

Romanian electro-IT retailer Flanco recorded sales of EUR 174 million last year, up by 17% compared to 2014, according to the company, whereas the overall market grew by 13% in 2015. The company’s profit grew 3.8 times, to EUR 1.8 million. The retailer invested some EUR 2.4 million in development from its own resources. The money was used for opening 12 new stores, but also for improving the website and optimizing the IT platform. “It was the best year in the Flanco history,” said Flanco CEO Dragos Sirbu. The online and mobile sales have remained the company’s priority, as Romania has 11 million Internet users, 7 million of which make purchases online, according to Sirbu. Last year, the retailer also created 200 new jobs. This year, Flanco plans to open 30 new stores and increase its sales by 20%, to over EUR 200 million. editor@romania-insider.com