Apparel and lingerie retailer Etam Development has posted a 5.1 per cent year-on-year drop in turnover to EUR1.7 billion for 2003.

The company, which operates under the Etam and Tammy brands, also recorded a 6.7 per cent year-on-year slip in fourth quarter revenue to EUR318.73 million.

According to the company, the decreased results were due to currency in foreign markets depreciating against the strong euro.