‘No material impact’ on Fourlis from Turkey woes

Greek retailer Fourlis Group sought to reassure investors over its operations in Turkey, following the recent devaluation of the Turkish lira, saying the problems in the country’s economy “do not have any material impact on the consolidated financial statements” of the company.

Fourlis Group operates in the Turkish market through its subsidiary Intersport Atletik, with 24 Intersport stores and two The Athlete’s Foot stores.

“On the contrary, medium term wise, the market in Turkey has a lot of opportunities for Intersport, due to its size, the demographics and the competition structure,” the company said in a stock market filing, noting it is monitoring developments in the Turkish economy “to minimize any short-term negative consequences, but also to maximize and take advantage of the medium-term opportunities.”