PARIS — Galeries Lafayette said Monday that net losses had narrowed for the first half of this year to $56.4 million (282 million francs), down from 508 million francs for the same period last year. The company said that ending the year with a net loss “could not be excluded.”
Operating losses widened by 4.2 percent for the first half to $49.2 million (246 million francs), up from 236 million francs during the first half of 1994.
The losses for the department store group came on flat sales of $2.8 billion (13.8 billion francs).
The company said that operating profits were hurt by flat sales, increased financial costs due to higher French taxes and pressure from competition to keep margins down.
Galeries also said that second-half sales will not help boost yearend revenues. Last year, the store earned 48 million francs on sales of 29.5 billion francs.
— Fairchild News Service