Limited growth for optical retail activities of HAL

september 9, 2010

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Last week HAL Investments published its results for the first half of 2010. Sales and net profit increased from respectively 1.702 million euro and 132.7 million euro in the first half of 2009 to 1.825 million euro and 200.2 million euro in the first six months of 2010. Sales of the optical retail companies increased in the first half year of 2010 with 76 million euro or 7,6%. Excluding the effect of acquisitions and currency exchange differences the growth was only 3,9% and like-for-like the existing stores increased sales by only 0,1%. Net income in the optical business increased due to the opening of new stores and acquisitions. All in all quite disappointing results for the owner of Pearle and GrandVision. Net debt increased, due to acquisitions, with 458 million euro to 894 million euro. HAL Holding now owns 37,2% of the shares of Safilo Group S.p.A.

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