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Etam Group Q3 sales down 1.1%
19
Oct '13
In the third quarter of 2013, the Etam Group posted sales of €290.1 million, including a negative currency impact of €2.2 million mainly related to the depreciation of the yuan against the euro. Sales were down 1.1% compared with the third quarter of 2012. Like-for-like and at constant exchange rates, sales increased by 1.1%.

Over the first nine months of 2013, the Etam Group generated sales of €886.9 million, including a negative currency impact of €0.7 million mainly related to the depreciation of the yuan against the euro. Sales were up 0.1% compared with the first nine months of 2012. Like-for-like and at constant exchange rates, sales were up 1.3 %.

In Europe

In the third quarter of 2013, sales came to €199.7 million, up 2.6% or 4.5% on a like-for-like basis and at constant exchange rates.

Over the first nine months of 2013, sales came to €584.5 million, up 2.6% or 3.6% on a like-for-like basis and at constant exchange rates.

Since the start of the year, sales have increased in most of the European countries in which the Group operates. In France, the Group’s brands outperformed the clothing and textiles market in terms of sales evolution over the period.

In China

In the third quarter of 2013, sales were €90.4 million, down 8.3% - including a negative currency impact of €2.2 million - or down 8.1 % like-for-like and at constant exchange rates.

Over the first nine months of 2013, sales were €302.4 million, down 4.3%, - including a negative currency impact of €0.6 million, or down 4.1% like-for-like and at constant exchange rates.

In a context of economic slowdown in China, the Group continued to face difficulties relating to the positioning of its offering and the structure of its distribution network.

The Group’s financial position and results at September 30, 2013 do not require specific comments.

II. NETWORK DEVELOPMENT

At 30 September 2013, the Etam Group had 4,322 stores, including 935 in Europe, 3,189 in China and 198 operated by international franchises.

Over the first nine months in Europe, the Group continued to streamline its store network and to expand its lingerie businesses, and opened a new Undiz store in Belgium. In China, the Group has reduced its store network by 166 units.

III. APPOINTMENT OF A NEW SUPERVISORY BOARD CHAIRMAN

At its meeting of 17 October 2013, Etam Développement’s Supervisory Board noted the resignation of Hervé de Carmoy from his duties as Chairman and Member of the Supervisory Board for personal reasons.

At the same meeting, Etam Développement’s Supervisory Board decided to appoint Rachel Milchior as Chairman of the Supervisory Board. Mrs Milchior, who has been a member of Etam Développement’s Supervisory Board for over 15 years, accepted the position.

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