Etam: revenue down 4.4% in third quarter
There was no recovery for Etam in the third quarter. The French group has experienced difficulties throughout the first six months of the year, and recently published declining sales figures for the three months ending on 30th September. Total revenue in the third quarter was €290.5 million, equivalent to a 4.4% decrease compared to the same period last year. The decline amounted to 6% in like-for-like terms and at constant exchange rates.
In Europe, home to one-quarter of Etam group's nearly 4,000 stores, revenue reached €215.4 million, for a limited 0.4% increase. However, the change equates to a 3.3% decline when measured in like-for-like terms. The performance by the Etam and 1.2.3 ready-to-wear brands was notably weak, though lingerie compensated with growing sales both online and through exports.
Business continued to slump in China, where sales fell again by 15%, down to €75.1 million. The group is busy repositioning and reshuffling its retail network in the Asian country, in response to decreased consumption, especially in department stores. As it does in Europe, Etam is now focusing on the lingerie business in China, as well as on the E&Joy retail brand and on shopping malls. Altogether, after 176 store closures since 1st January, the Etam group is now operating 2,701 between retail corners and shops in China.
In the first nine months of the year, the group's total revenue is showing a markedly decreasing trend at -2.6%, down to €924.3 million, with a negative yuan-euro exchange rate effect worth €14.3 million.
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