Imaginarium closed the year with more losses | Key4Communications |

Imaginarium closed its fiscal year ended January 31 with a loss of €4.59 million, 57% more than in the previous year. And this despite the fact that sales rose 3.4% to €158 million. In addition, profit before taxes improved by 26%, which gives confidence to the toy retailer to expect an upward shift in 2014.

The company attributes the worst net results to cyclical aspects - the change in the Spanish fiscal policy, increasing costs, and negative exchange rates. The effect of currency is becoming more important for the company, whose international sales grew 17%. This business now represents 53% of total revenue, compared to 46% last year.

The markets with more growth for the firm are Russia, Turkey, Israel, and France, while southern European countries have shown worse results, especially Spain. Argentina was also a weak market for the company, due to the restrictions on imports imposed by the government.