News

Fnac sales fall 3.2% in 2011

17.02.12 | Barbara Casassus

The leading French cultural products chain Fnac has reported a dismal performance in 2011, even though parent company PPR described the year as “excellent.”
 
Fnac’s sales fell by 3.2% to nearly 4.2 billion euros or 3.6% on a like-for-like basis, while operating income plunged by 46.5% to 103 million euros and the operating margin fell by two percentage points to 2.5%.
 
PPR explained the declines by higher operating costs because of eight new store opening and investments in internet operations. This helped boost Fnac’s online sales by 18% year-on-year to represent 11% of the total.
 
The chain, which has been up for sale for some time, announced in January that it would lay off 510 staff as part of efforts to cut costs. The group has 154 outlets in six countries. 

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