FRANCE: Go Sport posts 2012 net loss of EUR21.9m
French sportswear retailer Go Sport saw net losses widen during 2012, to EUR21.9m (US$28.1m) from EUR20m in the prior year.
It recorded a net loss of EUR17.4m in the first six months of trading last year, which cost CEO François Neukirch his job.
The 2012 results did provide some positive signals - EBITDA rose from EUR8.6m in 2011 to EUR9.3m while negative current operating income was reduced from EUR12.1m to EUR9.8m. Net fianncial debt increased from EUR86.2m to EUR101.8m.
2012 sales were up 0.7% on a comparable basis at EUR675.6m, but dipped by 4.2% in the fourth quarter.
Go Sport said its priority for the current year would be to put in place "a plan of action, requiring little investment, aimed at revitalising its activities and improving profitability."
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