De Rigo: sales results and new alliance

De Rigo posted net sales of Eur 139.2 million for the first quarter of 2004, a 0.5% decrease as compared with the same period last year. The sales results reflected positive trends in the Group's current businesses, as comparisons with the prior year were affected by De Rigo's sale, during July 2003, of the controlling interest in Eyewear International Distribution (Eid), a joint venture with the Prada Group.

Excluding Eid's net sales from the Group's results for the first quarter 2003,2 the period on period increase in consolidated net sales was 6.1% at current exchange rates and 7.0% at constant exchange rates.

Highlights of the Group's unaudited sales results for the first quarter of 2004 include:
- Consolidated net sales amounted to Eur 139.2 million, as compared with Eur 139.9 million posted in the first quarter of 2003;
- Wholesale & manufacturing sales grew by 1.9% to Eur 42.3 million from Eur 41.5 million posted in the first quarter of 2003. Excluding net sales made by the business segment to Eid during the first quarter of 2003, wholesale & manufacturing sales increased by 4.4%. Foreign currency translation differences accounted for a decrease of 0.8% in the total figure;
- Sales through the retail companies increased by 5.7% to Eur 99.9 million from Eur 94.5 million in the first quarter of 2003, primarily as result of positive same store sales growth at both General Optica (GO), the Group's Spanish retail chain, and Dollond & Aitchison (D&A), the Group's British retail chain. When calculated on a constant exchange rate basis, sales through the retail companies increased by 6.7%.

De Rigo also announced the signing of and a non-binding letter of intent with US based Viva International Inc. to explore a strategic alliance involving the combination of their wholesale and manufacturing businesses worldwide.