Polish Forte reports decline in sales and earnings - shares collapse

November 02, 2018
Source:
Forte/Fordaq
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Polish furniture maker Forte released its preliminary results for the third quarter of 2018 on October 29, with declining sales and earnings. As a result, the shares of Fabryk Mebli "Forte" SA fell by more than 20%.

According to preliminary calculations, the approximate value of Forte's consolidated sales in the third quarter of 2018 was PLN 256 million, including PLN 8 million from the particleboard sales, compared to PLN 268 million in the same period of 2017. This represents a decrease of 4.5%. If one deducts the proceeds from particleboard, which did not make any impact in 2017, the decrease in the pure furniture business amounts to 7.5%.

Forte, at PLN 810 million, continues to record an increase in turnover of a wafer-thin (0.7% over the entire first nine months). Consolidated sales in the same period of the previous year amounted to PLN 804 million. In the pure furniture business, however, sales fell by 1%, as PLN 14 million came from particleboard sales in 2018 so far.