Giacomelli 3Q Sales Up 69%

RIMINI, Italy (November 15) – Giacomelli Sport Group SpA reported a 69.3% sales jump to € 97.6 million in its third quarter, which ended on September 30. Major reason of this was the consolidation of Longoni Sport in its figures. For whole 2002 the third biggest sporting goods retailer in Europe expects its net result to be in line with that of 2001, when it reported an € 2.16 million net profit. This time it will be augmented with the acquisition costs of Longoni. By yearend Giacomelli operates a total of 30,000 m² selling floor space. However, new stores for 2003 have been downsized to 5,000 m² from 50,000 m² to further reduce net debts. Furthermore the integration of Longoni has been moving fast forward through centralization of its information and logistic systems. Recently Giacomelli hired international managers originating from retail chains like Aldi, Autogrill, etc. Finally Giacomelli is to sue founder Sergio Longoni of unfair competition on his plans to start a new sporting goods chain in Italy. Today Giacomelli Sport group operates 148 megastores in Europe and holds a 14.6% market share in Italy. (FN)