Folli-Follie reported net profit of €22,9 million in the first quarter of 2011, compared to €29,1 million in the same period last year, while sales revenues declined by as much as 4,4% reaching € 219,2 million vs. € 229,4 million in 2010.
According to an announcement, gross profit decreased by 8,6% and reached € 106,8 million. The relevant margin from 51% in the first quarter of 2010 decreased to 49% in the corresponding period of 2011.
EBITDA reached € 43,5 million with a decrease of 20%, with the respective margin settling at 20% vs 23,7%, while EBIT reached € 37,5 million against € 48,8 million for the previous quarter (-23%).
George Koutsolioutsos Folli Follie Group CEO, noted: "Our Group succeeded to keep a solid performance under difficult market conditions in our local market, which represents 48% of our total revenues. We achieved an impressive top line performance on the back of high comparables and missing Eastern business. Today we have voted on our Extraordinary General meeting with great success the capital increase in favour of our new shareholders Fosun International. Together we are ready to exploit new opportunities in growing economies and continue to pursue our worldwide growth strategy.”
Segmental reporting for the first quarter of 2011
According to an announcement, gross profit decreased by 8,6% and reached € 106,8 million. The relevant margin from 51% in the first quarter of 2010 decreased to 49% in the corresponding period of 2011.
EBITDA reached € 43,5 million with a decrease of 20%, with the respective margin settling at 20% vs 23,7%, while EBIT reached € 37,5 million against € 48,8 million for the previous quarter (-23%).
George Koutsolioutsos Folli Follie Group CEO, noted: "Our Group succeeded to keep a solid performance under difficult market conditions in our local market, which represents 48% of our total revenues. We achieved an impressive top line performance on the back of high comparables and missing Eastern business. Today we have voted on our Extraordinary General meeting with great success the capital increase in favour of our new shareholders Fosun International. Together we are ready to exploit new opportunities in growing economies and continue to pursue our worldwide growth strategy.”
Segmental reporting for the first quarter of 2011
-Jewellery, watches and accessories revenues remained almost unchanged declining slightly by1,2% to € 114,3 million
-Travel retail revenues increased by almost 1% to € 39 million
-Department stores revenues decreased by 7,5% to € 33,7 million
-Retail/Wholesale of footwear and apparel revenues decreased by 19,5% to € 30,4 million
-Other sales increased by 141% reaching to € 1,6 million.
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