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current news

Etam Group First Half Sales, Profits Decline

(Filed Under Financial and General Interest News). First half sales and income fell at Etam Développement, the France-based international lingerie and apparel producer and retailer.

The company reported a profit of 6.7 million euros (about $7.5 million at current exchange rates) on sales of 633.8 million euros (about $711.4 million), in the six months ended June 30, 2016, compared to a profit of 8.4 million euros on sales of 645.4 million euros in the same period last year.

The company, which was operating about 4098 stores worldwide at the end of September, explained that in its first half, “In Europe, in a declining market, Etam and Undiz’ lingerie operations and the 1.2.3 brand delivered a satisfactory performance, while Etam’s ready-to-wear business was affected by the scaling back of its offering. Operating income totaled €17.8 million, down €3.3 million compared with the first half of 2015.”

The company added, “In China, operating income for the first half of 2016 came to -€2.6 million compared with -€4.6 million in the first half of 2015, reflecting a slight improvement against the backdrop of a fall in sales in department stores.”

more Financial and General Interest News >>

Published 09-27-2016 by -

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