FRANCE: Etam Q4 sales dragged down by China
French lingerie brand Etam has recorded a slight rise in fourth quarter sales as its performance weakened in China.
The company said that over the three months ended 31 December, sales rose 1.2% to EUR331m, but were flat on a like-for-like basis.
In China, sales fell 3.6% to EUR122.5m (US$166m), and were down 12.7% on a like-for-like basis.
European sales increased 4.2% over the quarter to EUR208.5m, and were up 5.8% on a like-for-like basis. In the company's home market of France, sales increased 3.6%, and were up 5.4% on a like for like basis.
Over the full year, sales increased 2.8% to EUR778.2m, but fell 3.4% on a like-for-like basis. Chinese sales rose 2.7% to EUR122.5m, but fell 12.6% on a like-for-like basis. European sales were up 2.8% to EUR778.2m, rising 0.6% on a like-for-like basis.
In China, the company said that faced with the decrease in sales, "in a context of economic slowdown and the rapid evolution of distribution channels in China, the group has implemented strong action plans in order to evolve significantly its product offer and selling network".
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