Spector Photo Group announced financial results for 2008

All the group’s retail operations were significantly affected by the difficult economic situation and the sharply declining consumer confidence, Sales in Belgium fell by 4 percent, the Company says. Hifi International saw a 2.4 percent rise in sales due to a strong first half of the year, while Hungarian Fofoto suffered severely and the chain was put up for sale. Spector’s Retail Group Photo Hall felt a heavy burden from higher employee expenses and rental costs, due to higher energy prices in 2008. The Imaging Group — Photomedia saw an increase of 40 percent in revenue from mail order activities. Digital produced 70 percent of the revenue for the segment, with 30 percent still analog. Quantities of printed photos decreased 15 percent, but new digital products are showing exponential growth. The number of digital consumers rose 40 percent in 2008.