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PRESS RELEASES << back |
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03/07/2006 Interim results for the first half of
FY 2005-2006 |
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* This is the equivalent of the operating result in 2003/04.
Sales for the first half reached €303.9 million, an increase of 6.4% on the previous year. Every country improved, except Switzerland. France and Belgium once again posted high and sustained growth rates and market shares. There was positive change in the UK and Japan as well. The tests in Germany and The Netherlands were pursued and are producing satisfactory results.
Following the decision of the National Society of Auditors, on 10th February last, relating to the accounting of advertising costs, catalogues and gifts for future commercial operations have been recorded in a different way (according to the interpretation of IAS standard 38). The costs in question were previously posted for the period they were listed ; they must now be posted for the period they are incurred. The operating current income thus calculated for the half year is €16.3 million (+9.4%). Not considering the costs of catalogues and gifts for the spring-summer 2006 season, the same result would be €20.9 million (+17.4%), an increase which reflects the true financial performance of the group over the period. This improvement, closely linked to the growth of the business, was further strengthened by holding up the margins and optimising commercial investments. This is particularly pleasing because communication and development budgets were significantly increased with an advertising campaign in France and the tests in Germany and The Netherlands. Pre-tax earnings were €17.6 million (+9.3%) with net income at €12.3 million (+17.1%).
Financial surplus at the end of December stood at €35.3 million, an increase of €16.8 million over last year.
The group remains cautious about the spring-summer 2006 season but still intends to pursue and extend the tests carried out abroad (Germany, The Netherlands). March 7th 2006 Profile |
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