(Filed Under wholesale Lingerie News). Second quarter sales at Etam Developpement, the France-based international lingerie and apparel retailer, fell by 4.9%. Though sales rose by 1.7% in Europe, sales fell by 21.7% in its China stores.
As of June 30th Etam Group reported 4,047 points of sale, including 960 in Europe, 2,208 in China and 279 international franchises.
In announcing the results, Etam stated, “In the second quarter of 2016, the Group net sales amounted to €284.6 million [about $312.5 million at current exchange rates], including a negative currency effect of €6.0 million mainly due to the depreciation of the yuan against euro.” It added that “Over the first half of 2016, the Group net sales amounted to €633.8 million, including a negative currency effect of €9.4 million mainly due to the depreciation of the yuan against euro. This represents a decrease of 1.8% on a real basis or 1.8% % like-for-like and at constant exchange rates compared to the first half of 2015.”
In Europe, the company noted, “Over the first half of the year, same-store sales growth of the underwear activities Etam and Undiz, as well as of 1.2.3, outperformed the markets where the Group operates in Europe. Etam’s ready-to-wear business - on the contrary - suffered a severe decline due notably to an overly marked reduction in its offering. The action plan currently being implemented should bring results by the end of this year.”
Meanwhile, in China, the company stated, “The retail period following Chinese New Year (as of mid-February) was very difficult, with a sharp drop in sales in department stores, partly due to a traffic slowdown. The performance of stores in shopping centers and the e-commerce channel is continuing to improve.”
Etam added that, “Over the first half of 2016, the Group continued to expand its international network for its lingerie activities with successful openings in South Korea under the Etam brand, and in Russia under the brand Undiz. It also opened ten 1.2.3 stores in and outside France. In China, the network was reduced by 69 units.”
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