Vendex KBB begins second half with higher sales figures

The second half of the fiscal year 2002/03 has started well for Royal Vendex KBB N.V. All formats achieved higher sales in the third quarter (August to October).

Total net sales of the continued activities rose compared with the third quarter of the previous year by 14% to more than EUR 1.1 billion. About 9% of the sales increase is attributable to the acquisition of the Belgian DIY chain Brico, which has been included in the Group figures since April 1, 2002. Without Brico the sales increase was 4.9%. The comparable sales increase was 3.0% in the first quarter and 2.3% in the second quarter.

The sales increase in the third quarter was achieved in a further worsening of economic conditions. In September consumer confidence slumped to its lowest level in almost twenty years. October was the first of many months to show no further decline in consumer confidence. It is well known that in periods of economic downturn consumers are highly alert to special offers and bargain sales. All retail formats of Vendex KBB turned this to good use.

V&D, Bijenkorf and Fashion did better than in the second quarter, when their sales performance was adversely affected by the rapid decline in consumer confidence. The two department store formats can look back on highly successful sales promotions such as Bijenkorf´s ´Three Crazy Days´ and V&D´s ´Prices Circus´. HEMA, DIY and Consumer Electronics continued to well.

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(source: Vendex KBB)

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