Record of losses

Løvenskiold-Vækerø, parent company of Norway’s Maxbo DIY chain, is continuing to record losses. Last year sales fell by 1.5 per cent to NKr 2.662 bn (€ 339 mio) and the operating result showed a deficit of NKr 44 mio (€ 5.6 mio). The company closed two stores over the course of the year. The current 2003 financial year has also begun with poor sales figures.