Piquadro: revenue in the first six months up 2.6% but profitability down

On 30th September, Piquadro closed the first six months of the 2015 fiscal year with net income stable at €2.25 million, and revenue up 2.6% to €33.18 million, 78.2% of which generated in Italy.

EBITDA fell 7% to €4.6 million, while EBIT was down 8.1% to €3.3 million.
Wholesale channel sales (which account for 67.2% of total revenue) grew 3.9%, while those from directly operated stores (DOS) were level.

For the whole 2015/16 fiscal year the group expects growth rates higher than in the first six months. Piquadro stated that "Despite increases in production costs, due to the US dollar's appreciation against the euro, the management expects to benefit from rising margins, also as a result of the restructuring of some of the less profitable geographic business areas."