Galeries Lafayette Sales Up in 2007

A 20 percent gain in its financial services division helps propel revenues 6.5 percent, to $7.4 billion.

PARIS – French retailer Groupe Galeries Lafayette on Monday said sales last year gained 6.5 percent to 4.96 billion euros, or $7.4 billion at current exchange rates, driven by 20 percent growth in its financial services division.

Department stores sales advanced 6.1 percent led by a “good” performance at the chain’s Boulevard Haussmann flagship, Galeries said. Sales at the BHV home improvement banner gained 1 percent while sales at the Monoprix supermarket chain improved 5.2 percent. Sales at the firm’s watch chains – Europaquartz, Louis Pion and Royal-Quartz – grew 3.4 percent.

For more, see Tuesday’s issue of WWD.

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