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Globus sees drop in net profits

Globus has been restructuring its retail network


Globus has posted net profits for 2001 of SFr40.4 million ($24.8 million)- down from SFr44.3 million the previous year.

The company said an increase in taxes and a jump in operating costs had contributed to the weaker results.

The retail chain, which is part of the Migros group, has been restructuring its network since last summer - relaunching nine of its ABM subsidiaries under the Oviese banner.

The restructuring pushed operating costs up 29.5 per cent to SFr78.9 million. Plans are also in the pipeline to open 19 more stores this year.

swissinfo with agencies

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