Himart-sales target Himart eyes 20 tln won in sales by 2020

Himart Co., South Korea's top electronics retailer, said Tuesday that it is targeting sales of 20 trillion won (US$18.5 billion) by 2020 by expanding its sales networks at home and abroad. The retailer, set to go public on the Seoul bourse on June 29, posted sales of 3.05 trillion won in 2010 and logged a net profit of 107 billion won. Himart expects to raise around 480 billion won through its initial public offering (IPO). Himart said the proceeds from the IPO will be used to pay off debts, with its debt-to-ratio expected to fall to 90 percent from the current 150 percent. Established in 1987, Himart is the country's No. 1 retailer for electronics appliances with a market share of 35 percent. Its major shareholders include Eugene Corp., a local builder with a 38.7 percent stake. The company also said it plans to have 350 sales outlets at home and abroad by 2015, thus raising its annual sales by 500 billion won. Himart currently operates 287 sales outlets