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Societe du Louvre results hit by strong euro

Societe du Louvre, the French luxury goods and hotel holding which owns Baccarat crystal, saw turnover down by 2.7% at EUR 673.5 million in 2003. Operating profit was down by 12.7% at EUR 78.9 million…

Societe du Louvre, the French luxury goods and hotel holding which owns Baccarat crystal, saw turnover down by 2.7% at EUR 673.5 million in 2003. Operating profit was down by 12.7% at EUR 78.9 million, while group net profit fell by 62.5% to EUR 28.6 million. Without an exceptional item arising from a share sale in 2002, a 29.7% drop would be shown, however. The group“s luxury goods division, including Baccarat crystal, saw operating profit down by more than 54%, while turnover was down by 13%, having suffered from the effect of the strength of the euro. The group is aiming to improve turnover for the current year, and to improve its operating margins.

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