Etam records a loss in profits of more than 70% in 2008
Natalia Vodianova poses for Etam
Last year, operating profit stood at €40.7 million, a drop of €27.1 million – of which €14.2 million was in Europe and €12.9 million in China.
However, Etam is recovering in China in the second quarter (+€900,000) after a loss of €13.8 million in the first.
The business also announced in its press release that it had seen a turnover of €274.7 million in the first quarter of 2009, up 8.9% on last year .
China, the Achilles heel of Etam since 2007, has continued to recover in the first quarter with a 54.9% increased turnover of €78.9 million.
On the other hand, the group saw results that were 2.7% lower in Europe at €148.6 million.
The company does not expect to pay shareholders a dividend in 2009. “To get through the economic crisis,’ the spokesman stated, “the group needs to simplify its organization”. No further details were forthcoming.
Copyright © 2018 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.