PARIS (April 27, 2000)—Group Michelin reported a sales revenue increase of 14.8 percent in the first quarter, to $3.56 billion, as unit sales of tires jumped 11 percent and the euro-denominated results benefited from currency exchange parities.
Unit volume was up 12.4 percent in North America, and the first-time consolidation of the tire retail chain Tire Centers L.L.C. contributed nearly $50 million in new sales to the ledger, Michelin said.
On the down side, Michelin reported that first-quarter selling prices were depressed and its product mix was not optimum.
The company did not release earnings, but said the first-quarter performance put it on schedule to report operating earnings equal to 9.5 percent of sales by year-end.