Benvenuti revises growth forecast from 30% to 5%

Businessman Dan Pavel, who controls footwear retailer Benvenuti, a 34-store chain with 11 million euros in turnover in 2008, says sales in stores older than one year have fallen by an average 30%. Therefore, after initially budgeting an over 30% turnover rise for 2009, Dan Pavel has revised this year's budget downwards, to a 5% rise in RON, i.e. 43 million RON (over 10.2 million euros). "This year's turnover should amount to around 5%. Thanks to the stores we opened last year, a turnover rise by 30-35% on 2008 would have been possible, but the financial crisis generated an around 30% sales decline in the first half of the year for each individual store," Adrian Cazu, manager of the Benvenuti stores, told ZF Transilvania. At present, the Oradea-based retailer has a 34-store chain, of which 31 Benvenuti stores, one Outlet store and two Enzo Bertini stores. The most recent Benvenuti store was opened early this year in Carrefour Orhideea, with Benvenuti to open another store in Cotroceni Park, Bucharest.