- The Euro-Net company, which operates a chain of stores under the Rtv Euro Agd brand, generated PLN 57,847,956 of net profit in 2023, compared to PLN 180,963,862 in 2022.
- Rtv Euro Agd is a Polish company that has been operating on the market for 30 years. It currently has about 330 physical stores throughout Poland and an online store.
In 2023, the company continued to expand its store network, as a result of which 10 new stores began trading. New retail outlets were opened in Zambrów, Knurów, Olkusz, Łowicz, Piotrków
Trybunalski, Ostróda, Konin, Legnica, Lubin and Grodzisk Mazowiecki.
Rtv Euro Agd opens 10 stores and closes 7
At the same time, based on the assessment of the potential and forecasted financial results of the stores, the chain decided to close the branches in Zambrów, Piła, Gdynia, Rybnik, Chorzów, Konin and Warsaw.
Ultimately, at the end of December 2023, the number of retail outlets in the entire network increased from 327 to 330 salons. Euro-Net had stores in 222 locations in Poland.
The company plans to maintain the pace of network development adapted to market development and new proposals submitted by developers.
Here is the material structure of the company's sales revenues:
Material structure of sales revenues of Rtv Euro Agd source: company report
The consumer electronics market in Poland is in decline
– The consumer electronics market in Poland fell by double digits last year, the company's sales decreased by 6.8%, which means that the company once again increased its market share in 2023 and strengthened its position as its leader and focused specialist in the electronics retail market in Poland.
The increase in market shares occurred in the context of a market slowdown resulting from general negative economic conditions, such as very high inflation, especially in the entire first half of the year, affecting lower disposable income in households, a decrease in the number of people residing in Poland due to the outflow of Ukrainian citizens, who constituted additional purchasing power, a significant decrease in purchases and exports of individual electronic products to Ukraine, high interest rates, significantly increasing the cost of servicing loans for individual borrowers. Additionally, importantly, the basis for comparison is a high base resulting from very strong growth in previous years.
The declining electronics market in 2023, high interest rates and inflation and the related increase in costs contributed to the company's lower financial result in 2023. The company has taken a number of corrective actions in terms of costs and revenues, which will translate into better financial results in the current year 2024 and subsequent years – wrote the company's management board summarizing the results for 2023.
shutterstock, WDnet Creation
Rtv Euro Agd reduces employment
According to the company's data, at the end of 2023, the chain employed 6,852 employees (1,096 blue-collar and 5,756 white-collar positions) compared to 7,159 in 2022.
Employment RTV Euro Agd source: company report
