ETAM: first half brings setback in like-for-like terms
THANKS to exchange gains of EUR 21,5m for its business in China, first half sales of Etam rose by 0.5 per cent to EUR 592.7m. At constant exchange rates and in like-for-like terms, however, sales declined by 14.2 per cent in China, by 4.8 per cent in Europe and by 7.6 per cent overall. Sales of Etam lingerie stores remained fairly stable at EUR 296m but sales of the group’s 1,2,3 outerwear chain declined again, by 3.1 per cent to EUR 79.1m. The company said that implementation of the remedial measures announced at the end of the first quarter was in progress but not yet completed.
Once again, we express our belief that the company would benefit in the medium and longer terms if it cut its losses in winding up or disposing of its 1,2,3 chain. This would allow it to devote its full attention and resources to turning around the core lingerie business.