Belvédère SA Announces Unaudited Consolidated Sales Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Fourth Quarter of 2014
For the nine months, the company reported sales of EUR 356.7 million against EUR 394.0 million a year ago. Net sales decreased due to the decrease in export sales and the strategy of focusing on high-margin activities, which led to the end of some contracts in France.
The Group expects its strategy of focusing on high-margin activities to continue affecting its level of activity over the fourth quarter of 2014, but it is maintaining its twofold target: positive operating profit from continuing operations in 2014, excluding provisions for the non-recurring impairment on inventories and trade receivables, and operational profitability in line with the wines and spirits sector's norms in the medium term.