LOSS DEEPENS TO $8.7 MILLION FOR LAROCHE
PARIS — Net loss from operations at Guy Laroche widened last year to $8.7 million (44 million francs) at current exchange, compared with a loss of 36 million francs in 1994.
Sales for the fashion group dropped 6 percent in 1995 to $65 million (328 million francs), down from 348 million francs in 1994.
Parent company Groupe Bic said that the poor results were due to continued costs of restructuring, including the withdrawal from haute couture and the repositioning of the two main lines. The two lines are the Couture line of luxury ready-to-wear and the lower-priced rtw line.
The Bic group, best known for its ball point pens and disposable lighters, had net profits in 1995 of $118.4 million (598 million francs), down 22 percent from 1995. Net sales dropped 6 percent last year to nearly $1.19 billion (6 billion francs). The company attributed these decreases in part to the low exchange rate of the dollar against the franc, as well as the sale of an operating company, SOFAB.