Etam Developpement financial year from 1 January to 31 December 2007.
Net sales for the group in the first half of 2007 stood at €510.7 million, an increase of 10.4% compared with that of the first half for the previous year.
This figure recognizes a negative exchange effect of -€4.5 million linked to the depreciation of China's currency in relation to the euro from one half-year to the other.
Like-for-like, first half revenue rose by 7.6% (+7.7% in France, +4.1% in China and +9.4% for other countries).
Gross margin came to €305.7 million, a 10.6% increase from €276.3 million in the first half of 2006.
The gross margin rate came to 59.9%, compared with 59.7% in the first half of 2006, an increase of 0.2 point (-0.6 point in France and +2.3 points in China).
Current operating income was down by 7.4% to €30.1 million, compared with €32.5 million at 30 June 2006, due to a 38% drop in current operating income in China.
Operating income stood at €29.2 million, compared with €31.1 million in the first half of 2006. With regard to the other income statement items:
- net financial income was -€3.3 million, compared with -€3.4 million in the first half of 2006; and
- income taxes totaled €8.4 million, compared with €8.7 million for the same period in 2006.
Consolidated net income came to €17.5 million, compared with €18.9 million as of 30 June 2006. After taking into account minority interests of €2.2 million, net income attributable to the Group totaled €15.3 million, compared with €14.9 million a year earlier.
Net financial debt stood at €107.5 million as of 30 June 2007, compared with €123.4 million as of 30 June 2006, and represents 29.3% of equity.
In Europe, starting with a high third quarter 2006 base, sales revenue for the third quarter of 2007 is as of rising.
In China, the Etam Group anticipates a decrease in sales revenue in the third quarter of 2007 (compared with the third quarter of 2006) due to a downturn in sales revenue like-for-like, evolution in the network of stores, and a negative foreign exchange effect.
In Europe, which represents 80% of consolidated sales revenue, the Group will pursue its development plan while strengthening its cost control beginning in the fourth quarter of 2007.
In China, after years of presence in this market, the Group put a new management team in place to continue its development, with the priorities being:
- Clarification of the positioning of the Etam, Etam Sport and Etam Week End brands,
- Rationalization of the network of outlets and renewed network expansion,
- Strengthening of operating and cost control
The Group will publish third quarter sales revenue on 24 October 2007.
Etam Developpement
