Spector Photo Group, Wettern, Belgium, posted a EUR 2.12 million loss for 2011, compared to a EUR 100,000 profit in the prior year. The results were impacted by a 12 percent decline in retail revenues and 9.6 percent decline in imaging group revenues, largely attributed to the European economic crisis.
Company-wide revenue was down 11.6 percent to EUR 197.4 million, compared to EUR 223.3 million in 2010.
In the imaging group, Spector launched the smartphoto brand, but saw a revenues decrease due to lower hardware and photo sales to professional photographers and continued decline in the analog business. In 2011, imaging group revenue was down to EUR 56.67 million, compared to EUR 62.68 million in 2010. The operating profit, however, increased to EUR 1.88 million, compared to EUR 1.65 million in 2010; results derived from better operating efficiencies.
In the retail group, the company closed seven unprofitable retail shops in Belgium in 2011, and will close another six this year. In 2011, the group owned 104 shops in Belgium and Luxembourg. The Photo Hall Group’s decrease in revenues was in line with the industry, with CE products being particularly slow.