The Body Shop
This article was originally published in The Rose Sheet
Executive Summary
Worldwide retail sales grew 3.2% to $991.7 mil. in fiscal 1999 (ended Feb. 27) driven by "strong sales" in Europe, the Middle East and Canada, the company reported May 6. Net assets fell 12.3% to $871.1 mil. The Body Shop cut 300 positions as a result of its restructuring plan announced Jan. 26, which will result in operating cost savings of $13.1 mil. on a full year basis, with $6.5 mil. planned for the current fiscal year("The Rose Sheet" Feb. 1, p. 10). The Body Shop said it is on target to sell its two Littlehampton, England manufacturing facilities by the end of June. Exchange rates are based on $1=L.6109