FRANCE: Etam sees 53% hike full-year profit
- FY profit jumps 53% to EUR19.6m
- Sales slip 0.1% to EUR1.22bn
- Like-for-like sales up 1.4%
Women's wear, lingerie and accessories retailer Etam Group has reported a 53% hike in annual net profit, despite a slight decline in sales.
Net income reached EUR19.6m (US$27.1m) for the year to 31 December, compared to EUR12.8m in the same period of the prior year.
Sales edged down 0.1% to EUR1.22bn from EUR1.22bn last year. This, the French company said, included a negative currency impact of EUR3.3m relating to the depreciation of the yuan against the euro. On a like-for-like basis, sales increased 1.4%.
Gross margin slipped to 57.9% against 58.6% the year before, mainly due, in Europe, to less favourable purchasing costs in US dollars, and in China, to a sales mix favourable to franchise and e-commerce.
During the first quarter, Etam saw sales fall 2.1% to EUR326.7m, and like-for-like sales edged up 0.6%. In Europe, sales grew 7.3%, but in China, sales declined 15.2%.
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