FRANCE: Etam posts 5.1% full-year sales growth
French retailer Etam says its full-year sales grew during 2011, driven mainly by the appreciation of the Chinese yuan against the euro.
The company reported a 5.1% increase in sales to reach EUR1.18bn for the year ended 31 December. However like-for-like sales fell 2.3% compared with the year before.
European sales grew 1.6% to reach EUR756.9m, but were down 3.5% on a like-for-like basis. Chinese sales were up 11.7% to EUR427.2m, and grew 0.6% on a like-for-like basis.
During the fourth-quarter, sales grew 6.6% to EUR327.1m, but fell 3.1% on a like-for-like basis. In Europe, sales grew 1.9% to EUR200m, but declined 5.1% on a like-for-like basis. In China, sales gew 14.9% to EUR127.1m, driven by 1.8% like-for-like sales growth.
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