Belvedere has announced a drop in net profit for 2003. The French wine and spirits retailer has posted a 15% year-on-year fall to €8.4m, although the result was in line with the company's expectations.

The company attributed the dip to the expansion of its subsidiaries in Bulgaria, Lithuania and Russia.

In February, Belvedere posted full year sales for 2003 up by 61% to €351.8m (US$450.8m) compared to 2002. Operating profit for last year hit €7.5m.

The company has set a target increase of 10% for sales volumes in 2004.