FRANCE: Galeries Lafayette posts 30.3% rise in 2002 net profit, helped by Monoprix
French retailer Galeries Lafayette has reported 2002 net profit of €83.9m (US$89.1m), a 30.3% increase on the previous year, helped by a strong performance by food retail chain Monoprix. Operating profit was up 19.9% to €275.7m on sales up 4.6% to €5.47bn. Monoprix, which is co-owned by Galeries Lafayette and French retail giant Casino, recorded a 34% rise in operating profit for 2002. Last month, the two owners announced a deal that would enable Casino to take charge of Monoprix by 2006, reported Reuters.
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