GrandVision: first six-month period lower than forecast

During the first six months of 2003, GrandVision's billings dropped by 1.5% (+1% with parity of exchange rates and number of stores), but the group's profitability has improved thanks to the application of some management measures, the increased efficiency of centralized operations (purchasing, logistics, industry and IT) and to the creation of synergies.

In France, Generale d'Optique profitability had improved and for the first time it had better results than GrandOptical. Solaris, however, suffered from a drop in tourists at their main stores.

In the United Kingdom and Ireland, where the situation continues to be difficult, the downturn in billings and operating result was magnified by a negative exchange effect (9.3%). In the rest of Europe, Switzerland, Belgium and Luxembourg, performance had definitely improved, whereas in other countries there was a large drop in the number of tourists.