Fashion retailer Charles Voegele Holding has reported a SF6.1 million drop in consolidated net profits for the first half of 2004, from SF17.3 million in the same period in 2003.

Gross profit dropped to SF381.8m from SF400.2m, whilst gross profit margin increased to 60 per cent from 57.1 per cent.

Net sales were SF636.3 m, compared to SF701.5m in 2003 .

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) decreased to SF54.9m from SF84.2m .

The company has attributed the drop in profit to a decline in sales, more advertising expenses, and a hike in other operating costs.