Eldorado sees sales decline in 2008

Russian home appliance and consumer electronics retailer Eldorado saw sales drop in 2008. Revenues for its Russian stores (not counting mobile phone stores and franchise outlets) dropped by 4.2% to USD4.1 billion for 2008, compared with USD4.28 billion in 2007. The group’s total revenues in Russia and Ukraine (including mobile phone stores and franchise earnings, but not its Sulpak chain in Kazakhstan) declined 9.1% to around USD5 billion compared to 2007. The retailer attributed the decline to the downturn in the economy and falling demand for consumer electronics. Eldorado spokesperson Ilya Novokhatsky commented: "Restricted access to credit has had a negative impact on Eldorado's working capital, and leading to reduced product deliveries to our stores in the July-October 2008 period."