In the first quarter 2012, the group of ready-to-wear (Etam, Etam Lingerie, 1, 2, 3 and Undiz) recorded a turnover of 331.2 million excluding taxes € which includes a positive impact of exchange € 11.5 million due to the appreciation of the yuan against the euro. The activity is down -1.1% compared to March 31, 2011 and -9.5% LFL and constant exchange rates.
In Europe, Etam has achieved a turnover of € 188.6 million, virtually unchanged from the first quarter 2011 and down -5.0% on a comparable basis and constant exchange rates. The group discussed the year 2012 with a particularly low level of stock that has impacted the sales performance of the winter sales on brand Etam and 1.2.3 but had a favorable effect on the margin, in a context of costs under control.
In China, sales of € 142.5 million in the first quarter of 2012 declined by -2.2% compared to first quarter 2011 and -17.1% LFL and constant exchange rates. Actions are deeply engaged in the following areas: review of collections and greater differentiation between the three main brands ルイ・ヴィトン モノグラム ストレーザ PM モノグラム M51186 レディース バッグ, upscale store environments, training of sales teams and stock productivity.
March 31, the group had 4,478 stores: 974 in Europe, 193 in 3311 and international franchises in China, where retail outlets grouped in a store are now considered as a unit. On this basis, the increased number of outlets in China compared to 31 March 2011 was 409.
Last year, the retailer achieved a turnover of € 184.1 million which includes a positive currency effect of € 4.2 million mainly due to the appreciation of the yuan against the euro. The activity was up 5.1% compared to December 31, 2010. A comparable basis and constant exchange rate, it was down -2.1%.

The gross margin of 57.8% was down 1.4 points compared to 2010 – the result of a lower margin of -1.8 points in Europe and 0.5 points in China – mainly due to the increase in markdown 1.2.3 and higher commodity prices that the Etam group chose not to fully reflect in its prices.
In FY 2011, operating income from recurring € 41.5 million, down 21.3% compared to 2010. He stood at € 16.1 million in Europe and € 25.4 million in China.
In 2011, the group continued its rationalization, especially with an adaptation of the park’s stores 1.2.3 and disposal arrangements of an exceptional nature stores ルイ・ヴィトン モノグラム ストレーザ GM モノグラム M51188 レディース バッグ, all in the amount of non-current loads -7.0 M €.
Consolidated net income amounted to € 11.3m against € 24.6m in 2010. After taking into account minority interests of € 5.3 million for China, the Group’s net income in 2011 is € 6.0 million. € and its reported amount in equity is 57.2%, unchanged from the December 31, 2010.
