Gresvig, Norway's leading sports retailer (including chains G-Sport and Intersport) has announced a loss of NKR67.5m ($7.6m) for last year, compared with a loss of NKR42.2m ($4.7m) for 1999.

It is an extraordinary write off of goodwill in the Danish division of the company that is the reason that the losses are higher than announced on February 6.

"Gresvig's shareholders have no need to be dissatisfied with this result, and it is my primary aim to turn Gresvig's loss to a profit," said group director Rolf Gullestad. Gullestad started work at Gresvig January 29 this year.

"The huge effort that we have put into internationalisation has contributed to the loss. Developing the business in Poland has been more comprehensive and taken longer than expected. For 2000, we set aside NKR16m ($1.8m) for development. The Norwegian part of the company showed positive results."

"The Danish company has helped drag down the group's results. The losses in the Danish company, NKR18m ($2m) in 2000, are not acceptable. The negative development has forced a NKR13.5m ($1.5m) write off of goodwill," the company said in a press release.

Gresvig is going to earn money again, luckily we have the right means to make a profit. We have 355 members in our shop chain in the Norwegian sports market, we have unique and necessary competence, and we have the two well-known brands G-Sport and Intersport. Now we just have to improve efficiency," said Gullestad.

By Penny Leese