GALERIES LAFAYETTE REPORTS $94.5M EARNINGS FOR 1996
PARIS — Galeries Lafayette announced that net profits were $95.4 million (550 million francs) last year. This compares with a net loss of 293 million francs in 1995.
The company said that in “a lifeless consumer climate,” the group was able to optimize operating costs and sales margins.
The net profits include an exceptional gain of $92.8 million (535 million francs), attributed to the programmed sales of assets, including disposal of money-losing stores. The Galeries Lafayette group operates the Galeries Lafayette, Nouvelles Galeries and Bazar Hotel de Ville department stores as well as the Monoprix variety store chain.
Operating profits last year for the Galeries group were $30.2 million (174 million francs), compared with a 1995 operating loss of 126 million francs.
Department store activities posted operating profits of $9 million (52 million francs), against a loss of 178 million francs last year. The variety store business posted an operating profit of $20.6 million (119 million francs) last year, nearly triple the operating profit of 38 million francs in 1995, the company said.
Consolidated sales for the group were flat at $5 billion (28.78 billion francs).