Positive results for GrandVision in 2003

At Euro 604 million, 2003 full-year sales of GrandVision are up 3.5% at constant exchange rate and stable at current exchange rate due to the devaluation (-9%) of the pound against the euro. Overall 4th quarter performance is much improved: up 5% for comparable store sales, having been just positive for the first 9 months.

In France, GrandOptical, with 75 stores, 4 more than last year, finished the year with sales growth of more than 5%. Générale d'Optique (127 stores) opened 7 new outlets and showed an excellent 8% growth for comparable stores. Solaris, like all European sunglass specialists, has had a difficult year with sales declining by 8%, due largely to low tourist traffic and the fashion cycle.

GrandVision's Chief Executive Officer, Daniel Abittan, said: 'The year 2003 shows that even in an economic environment particularly difficult for retailing, the optical sector in general and GrandVision in particular are capable of progressing. I confirm that our profitability in 2003 will be better than last year both absolutely and as a percent of sales'.