Clothing Retailer Reports Increased Losses

French clothing retailer Etam Development French clothing retailer announced on Monday that its first-half net loss widened to 31.4 million euros ($28.89 million) from 10.5 million a year earlier.The Paris-based company posted an operating loss of 20.5 million euros, compared with a loss of one million euros in the first six months of 2000. "An excessive centralization of the collection and buying during the summer 2001 season led to a sharp deterioration in the first-half results," the company said in a statement. Etam said it was gearing its products and buying policy at specific markets for the winter collection and the results of that policy change "are already being felt".

(source: www.just-style.com)