Etam Group posts double-digit FY profit rise
- FY profit grows 13.3% to EUR24.1m
- Sales up 0.4% to EUR1.22bn
- Gross margin improves to 59%
Etam saw its annual profit increase 13.3%
Women's wear, lingerie and accessories retailer Etam Group has booked a double-digit increase in annual net profit, thanks to improved sales and margin growth.
Net income reached EUR24.1m (US$25.7m) for the year to 31 December 2014, up 13.3% from EUR21.2m in the same period a year ago.
Net sales edged up 0.4% to EUR1.22bn, while like-for-like sales climbed 0.7%. In Europe, sales rose 4.3%, while China saw sales on a like-for-like basis and at constant exchange rates stabilise in the last nine months of the year after a sharp decline in the first quarter.
Gross margin improved 1.1 percentage point to 59% from 57.9% in the prior year, mainly due to the favourable net impact of the sales of residual stocks in China, and to improving sales margins in the ready-towear activities in Europe.
For the first quarter of 2015, the French company said net sales increased 5.9% to EUR346.1m, with like-for-like sales up 0.9%. Sales in Europe rose 2.7% to EUR214.9m, while China grew 11.7% to EUR131.2m.
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