FRENCH distribution group Etam declared 3rd quarter results that showed like-for-like sales up by 2.3 per cent, to EUR 303.7m thanks to good trading in France and to improved performance in China. Sales in France rose by 7.1 per cent nominal to EUR 187.8m and sales elsewhere in Europe rose by 7.5 per cent to EUR 26.8m. In China, sales rose by 5.2 per cent after allowing for exchange rate fluctuations, to the equivalent of EUR 89.1m. Sales of the Etam and Undiz brands continued to increase, by 8 per cent nominal but like-for-like sales of the 1,2,3 outerwear chain declined again, by 1.7 per cent.
It becomes increasingly difficult to understand the reasons for group management’s continuing support of the 1,2,3 chain while resources allocated to Undiz and Etam lingerie stores appear to yield more attractive returns.