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    FALABELLA   CLP3880F1085

FALABELLA S.A.

(FALABELLA)
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IKEA delays South America entry to 2022 as pandemic slows construction

05/28/2020 | 06:29am EDT
FILE PHOTO: IKEA opens some of its stores in Israel after the coronavirus disease (COVID-19) lockdown is eased

South America's first IKEA store will open in 2022 in Santiago, not next year as previously planned, after COVID-19 and initiatives to curb its spread slowed construction, the furniture giant's new global franchise boss said on Thursday.

IKEA veteran and expansion manager Konrad Gruss, 49, will in June become formal head of franchisor Inter IKEA Systems - a division of Inter IKEA Group - having served as deputy since February when his predecessor moved on to lead Inter IKEA Group.

The group in 2018 unveiled plans to enter South America with Chile's Falabella, its first new franchisee in more than a decade, aiming for at least nine stores and e-commerce operations in Chile, Colombia and Peru over 10 years, starting with the Chilean capital in 2020.

The Santiago opening was subsequently postponed to 2021, and now to the first half of 2022.

"There will be some delay. We now have 2022 and that's also due to the fact construction can't at the moment be ongoing, and most people are working from home as in many other countries," Gruss said in an interview.

Gruss told Reuters the pandemic had not affected IKEA's expansion plans, including for South America.

Inter IKEA has 12 franchisees of which Ingka Group is the biggest, followed by Dairy Farm. It is also in charge of product development and supply. It generates the bulk of revenues from sales of goods to its retailers, and around 5% from franchise fees.

There are currently 442 IKEA stores in 54 markets across Europe, North America and Asia. The 350 or so stores which temporarily closed due to the pandemic are gradually reopening.

Plans are in place to reopen the remaining 100 in the coming weeks, an Inter IKEA Group spokesman said.

(Reporting by Anna Ringstrom; Editing by Kirsten Donovan)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -0.08% 36.99 End-of-day quote.0.00%
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED -0.25% 4.03 End-of-day quote.-3.36%
FALABELLA S.A. 0.45% 2910 End-of-day quote.10.65%
ONE STOP SYSTEMS, INC. -1.34% 5.14 Delayed Quote.28.50%
THE LEAD CO., INC. -0.77% 648 End-of-day quote.-22.86%
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Financials
Sales 2021 10 206 B 13 308 M 13 308 M
Net income 2021 421 B 549 M 549 M
Net Debt 2021 4 118 B 5 370 M 5 370 M
P/E ratio 2021 16,6x
Yield 2021 0,72%
Capitalization 7 301 B 9 604 M 9 520 M
EV / Sales 2021 1,12x
EV / Sales 2022 1,05x
Nbr of Employees 89 730
Free-Float 44,5%
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Number of Analysts 12
Last Close Price 2 910,00 CLP
Average target price 3 643,64 CLP
Spread / Average Target 25,2%
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Managers and Directors
Gastˇn Bottazzini Chief Executive Officer
Alejandro Gonzßlez Dale Chief Financial Officer
Carlo Solari Donaggio Chairman
Helder Mao de Ferro Chief Information Officer
Hernßn Alberto BŘchi Buc Independent Director
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