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Michelin reports increase in comparative first-quarter sales

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Groupe Michelin posted a 4% increase in consolidated net sales in euros in the first quarter compared to the same period last year.

When taking the monthly exchange rate between the euro and the dollar into consideration, Michelin's consolidated net sales in the first quarter were up less than half a percent, increasing from $3.34 billion to $3.55 billion.

Worldwide, Michelin's passenger and light truck tire sales were up 6.7% in euros in spite of a .5% decline in sales volume based on tonnage.

The company also broke down replacement tire sales in units in North America and Europe, its two largest markets, as follows:

* North America. Michelin's replacement passenger and light truck tires were down .2% compared to the first quarter of 2001, while truck tire replacement shipments were up 18.9%.

* Europe. Michelin's replacement passenger car and light truck tire tires was up 5.4% compared to the first quarter of 2001. Truck tire shipments were down 3.5%.

Groupe Michelin says as of March 31, 2002, it is in line with its objectives "and remains confident in its internal improvements."

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