June 11 (SeeNews) - Romanian IT and consumer electronics retailer Flanco said on Monday its sales increased by 51% on the year in the first quarter.
Flanco's market share rose to 12% in the first quarter from 8.2% a year earlier, the company said in statement.
The retailer plans to reach a market share of 15% by the end of 2012, it added.
Flanco's turnover grew much faster than the market, which advanced by just 2.0% in the first quarter, Flanco's deputy CEO, Violeta Luca, said in the statement.
Electronics posted the highest sales growth of 65% on the year in the first quarter, while IT and appliances sales grew by 40% and 38% respectively, the statement added.
A company spokeswoman declined to provide sales figures when contacted by SeeNews.
Flanco opened seven new stores in the first five months of the year following a total investment of 14 million lei ($3.9 million/3.1 million euro).
The company expects the Romanian IT and consumer electronics market to shrink in the second quarter. For the whole 2012, it sees the market growing to 1.15 billion euro from 1.1 billion euro a year earlier.
(1 euro = 4.461 Romanian lei)