The French chain of construction stores Leroy Merlin earned a quarter of its profits in Russia in 2023, Kommersant reports, citing the financial statements of its parent company Adeo.
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AFP has reviewed the company's documents, which justify the profits made in Russian subsidiaries by the fact that the companies were only able to transfer the business to local management by the end of December 2023.
In 2023, Adeo’s store sales in Russia amounted to €6.1 billion ($6.7 billion), which is one-fifth of the group’s total consolidated sales (€30.2 billion). Adeo’s financial operations in Russia brought the company a net profit of €287.4 million, a quarter of the total of €1.14 billion.
Until December 31, 2023, the company had 114 stores and more than 43 thousand employees in Russia. The report does not provide information relevant for 2024. In 2023, Adeo announced the transfer of the Russian brand Leroy Merlin to local management, and later the company also changed the name of the legal entity to Le Monlid LLC. The Russian division is headed by Laurent Defassier, who took over as CEO in July 2019. The French chain also changed its name to Lemana Pro.
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