Charles Vögele had a 4 percent drop in gross sales in the first half of 2010 after being adjusted for currency fluctuations, but sales of new collections rose by 4 percent after these adjustments. Excluding currency effects, sales fell by 7.1 percent to 690 million Swiss francs (€531.5m-$681.0m). Earnings before interest and taxes (Ebit) fell by 38.5 percent to CHF 4 million (€3.1m-$3.9m). The net result was a loss of CHF 7 million (€5.4m-$6.9m), which includes a negative currency effect of CHF 4 million and is slightly below the figure for 2009. The Ebitda margin stayed flat at 6.0 percent. In the six-month period, the company opened 12 stores and closed 25, for a total at the end of June of 844 stores, two-thirds of which are in the Eurozone. From 2011 on, Vögele plans to expand in Switzerland, southern and western Germany, and Austria. The company expects a positive net result for the full year and an Ebitda margin of 10 percen the medium termt. The company has named Frank Beeck to be its new chief sales manager.