07 April 2004 11:23
Belvedere sees drop in net profit (Spiritueux: baisse de 15% du resultat net de Belvedere en 2003)
Belvedere, the French wines and spirits retailer, has posted 8.4m euros in net profit for 2003. The result was in
line with the company's targets but represented a 15 per decline year-on-year. The company attributes this
performance to its subsidiaries in Bulgaria, Lithuania and Russia, which are in the process of expanding.
Operating profit for the year came in at 7.5m, multiplied by 6.2, for a 61 per cent increase in turnover, to 351.1m.
Belvedere has announced a target increase in sales volumes for this year of 10 per cent, to 135 million 50-centilitre
bottles of vodka and 15 million 75-centilitre bottles of wine.
Abstracted from Les Echos
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