Vögele optimistic despite falling sales

Swiss apparel retailer Charles Vögele Holding on Tuesday said its net profit for 2002 improved to CHF15.9m (GBP 7.5m) from CHF 0.8m(GBP 0.4m) in 2001, but net sales fell to CHF 1.5bn from CHF 1.63bn. The company has seen widely varying performances across its international operations. It said revenues were flat in Austria and moderately down in Switzerland and Germany, but The Netherlands and Belgium saw lager falls. However, some revenue fall had been expected due to the strategy of maximising profits rather than pursuing sales growth, it said. A three-year loan of CHF577.5m has been arranged, which will give company the time needed to implement its new strategy.