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D'Ieteren dampened by car dealer inventory cuts, promotions
August 29, 2013 / 4:37 PM / 4 years ago

D'Ieteren dampened by car dealer inventory cuts, promotions

BRUSSELS, Aug 29 (Reuters) - Belgium’s D‘Ieteren repeated its outlook for a decline of profit this year after a first half dampened by car dealers cutting inventories and boosting promotions due to competition.

The owner of car window repair company Autoglass and Belgium’s largest car distributor D‘Ieteren, said first-half sales slipped 1.2 percent to 2.98 billion euros ($3.94 billion) and its current pre-tax profit fell 7.3 percent to 119.6 million euros.

The company previously said it expected its current pre-tax profit to shrink by between 10 and 15 percent this year, given the uncertain economic outlook in Europe.

This would be despite a harsh winter and cold spring, weather which meant more windscreens cracked and needed to be repaired, boosting earnings for the glass repair business in the first six months. ($1 = 0.7562 euros) (Reporting By Philip Blenkinsop)

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