German sex chain profits despite crisis
‘Consumers have not given up some of life's small pleasures like erotica even in these tough economic times,’ the company said.Frankfurt -- German sex shop chain Beate Uhse said Tuesday its customers were keeping busy between the sheets despite a global economic crisis as the company jumped back into profit in 2008.
"Consumers have not given up some of life's small pleasures like erotica even in these tough economic times," managing director Serge van der Hooft said in the company's results statement.
Although 2008 sales drooped 5.6 percent to 253 million euros, Beate Uhse posted a net profit of 2.3 million euros (3.1 million dollars), compared with a loss of more than 13 million euros in 2007.
The company said it hoped to double its pre-tax operating profit this year to six million euros while maintaining stable sales.
Mail order sales, which represent more than half the total, grew slightly last year, while the company closed 28 loss-making shops.
More closures are expected this year in Belgium and the Netherlands, the statement said.