Beleaguered Dutch retailer Laurus says it expects to see a dramatic improvement in operating profits from its domestic stores.
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The VEB shareholders’ lobby is quoted by Reuters as saying that adjusted earnings before interest and tax (EBIT) from the Dutch division should climb to €65m (US$63m) in 2003, €100m in 2004 and €117 in 2005. The group is expecting its Dutch activities to break even this year. These figures are based on an internal Laurus memo.
The memo said the predictions for the years ahead were based on the assumption that turnover will rise, labour costs will fall, necessary investments in assets will be made and the number of outlets will increase.
Furthermore, the estimates were based on the most positive scenario for the restructuring of Laurus’s Spanish and Belgium operations, the memo continued. Earlier this year, Laurus said it would sell the Spanish and Belgian activities after a restructuring.
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