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German giant buoyed by pre-tax profits

Fielmann, Europe's largest optical retailer, achieved a 13.5 per cent advance on pre-tax profits in 2002.

The German company, which has hinted in the past that its expansion plans could include the UK, has around 500 outlets on the continent and employs close to 10,000 people.
Consolidated sales reached E657m (£451m) last year, up 6 per cent, with external sales improving by a similar percentage to E807m. Pre-tax profits were E63m, and the net income for the year went up to E45m (up 14.5 per cent).
A spokesman for the company said Fielmann was 'pushing ahead' with expansion in Germany and other countries.
'With a cash flow of E85m, the financial scope for this is in place,' he said. 'While the retail trade experienced a fall of a further 4 per cent of turnover last year, and the optical industry excluding Fielmann saw unit sales drop by 10 per cent and sales by 5 per cent, we achieved record profits for the fifth time in a row.'
In the first two months of this year Fielmann increased sales by 9 per cent.

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