Regulatory News:
Etam Développement (Paris:TAM):
€m 2017-Q2 change change lfl 1 at 30
June 2017 change change lfl 1
Group sales
275.5 -3.2% -3.5%
600.1 -5.3% -6.0% Europe 227.1
4.7% 0.3% 458.7 3.4% -1.2% China 48.4 -28.7%
-20.2% 141.4 -25.6% -21.1%
Europe by
country France 2 199.4 4.4% 0.2% 405.6 2.9% -1.6% Other 27.7
7.1% 1.2% 53.1 7.2% 1.1%
Europe by brands ETAM 3 187.1
7.8% 3.3% 379.4 5.4% 0.4% 1.2.3 40.0 -7.7%
-10.6% 79.3 -5.2% -7.9%
1 like-for-like and at constant exchange rates including
internet sales2 including export sales3 including
Undiz
I. BUSINESS
TRENDS
Over Q2 2017, the Group’s net sales amounted to €275.5
million, including a negative currency effect of €1.2 million
mainly due to the depreciation of the Yuan against Euro. Net sales
decreased by 3.2% compared to the second quarter of 2016.
Like-for-like and at constant exchange rates, net sales decreased
by 3.5%.
Over the half year to 30 June 2017, the Group’s net sales
amounted to €600.1 million, including a negative currency effect of
€2.7 million mainly due to the depreciation of the Yuan against
Euro. Net sales were down 5.3% on a real basis or down 6%
like-for-like and at constant exchange rates compared to 30 June
2016.
1. EUROPE
During the half year to 30 June 2017, the Group stepped up its
digital and international expansion with the opening
of 92 stores in a year, 81 of which are outside France, and
focused its efforts on the shopping experience, generating
additional net sales of 3.4% over the period. Like-for-like sales
were down 1.2% against the backdrop of margin improvement.
Etam delivered a strong performance, while 1.2.3’s performance
was disappointing. On a like-for-like basis in the second quarter,
the increase in Etam’s net sales more than made up for the decline
in net sales at 1.2.3. A new head of collection joined the 1.2.3
brand in July.
Over Q2 2017, net sales totalled €227.1 million, up 4.7%
or up 0.3 % like-for-like and at constant exchange rates.
Over the half year to 30 June 2017, sales came to €458.7
million, up 3.4%. Like-for-like and at constant exchange rates they
were slightly down, by 1.2%.
2. CHINA
Following on from the management changes announced in April,
promoting more strongly product and design, a strategy review has
been initiated that will help to clarify the Group’s strategy in
China in response to the challenges of a fast-changing market.
An exceptional action plan is in the process of being
implemented, the main aspects of which are the closure of points of
sales, the reorganisation of logistics at a single warehouse, the
reduction of costs and the acceleration of the sale of off-season
products.
Over Q2 2017, net sales totalled €48.4 million, down
28.7%, including a negative currency effect of €1.3 million
relating to the depreciation of the Yuan against the Euro.
Like-for-like and at constant exchange rates, net sales fell by
20.2%.
Over the half year to 30 June 2017, net sales totalled
€141.4 million, down 25.6%, including a negative currency effect of
€2.9 million relating to the depreciation of the Yuan against the
Euro. Like-for-like and at constant exchange rates, net sales
decreased by 21.1%.
As stated in the first-quarter net sales press release, the
situation in China continued to have a significant impact on the
Group’s results in the period to 30 June 2017.
II. NETWORK
DEVELOPMENT
At 30 June 2017, the Etam Group had 3,767 points of sales,
including 987 in Europe, 2,442 in China and 338 international
franchises.
During the first half of 2017, the Group opened 21 additional
points of sales mainly abroad in its lingerie activities. The 1.2.3
store network, in France and abroad, was expanded by 5 points of
sales. In China, the store network was reduced by 154 points of
sales over the period.
III. OTHER
INFORMATION
On 7 June 2017, the Milchior, Tarica and Lindemann families
signed a shareholders’ agreement, as a result of which the families
act in concert with regard to Etam Développement. This has resulted
in the threshold of 30% of the Company’s share capital and voting
rights being passed, triggering the obligation to make a public
offer to buy the Company’s shares.
On 30 June 2017, Finora – the Milchior family’s holding company
– acting on behalf of all of the families acting in concert,
submitted to the AMF a public takeover bid followed by a
squeeze-out. The offer was cleared by the AMF on 18 July 2017 and
will open on 21 July 2017 for a period of 10 trading days. All
documents and information relating to the offer are available on
the Etam Développement website (www.etamdeveloppement.com).
The Etam Group is an international retailer of
women’s lingerie, beauty, ready-to-wear clothingand accessories
with 3,767 points of sales as of 30 June 2017
Etam Développement: ISIN code:
FR0000035743 / Reuters: TAM.PA / Bloomberg: TAM FP
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version on businesswire.com: http://www.businesswire.com/news/home/20170720005749/en/
Etam DéveloppementInformation for analysts and investorsTel.: 01
55 90 72 79www.etamdeveloppement.fr
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