: sales and net profit decline in the first quarter of 2014 Stefanel
During the first quarter, Stefanel deepened its net loss to 4.6 million euros as compared to a loss of 4.1 million recorded in the March 31, 2013, said the Italian fashion company in a statement. Its operation loss (EBIT), however, has declined from 5.8 million euros in the first three months of 2013 to 2.5 million a year later, as did its gross operating income (EBITDA), which appears at -0.8 million as compared with -3.7 million in the first quarter of 2013.
"The first quarter results confirm the improved profitability we saw during the second half of 2013. Actions implemented to improve margins and reduce costs are currently providing the results we expected. The improvement is even more obvious considering that the results in the first quarter of 2013 benefited from the extraordinary effect of added revenues as a consequence of the sale of Hallhuber (the German womenswear retailer ed.)," commented Giuseppe Stefanel, the company’s president.
Sales of the women’s ready-to-wear brand specialized in knitwear decreased by 8% in the first quarter of 2014, appearing at 44.5 million euros as compared with 48.4 million a year earlier. The decline is mainly due to the closure of non-performing medium and large Stefanel monobrand stores, and to a lesser extent because of the postponement of certain deliveries of the summer 2014 collection to the second quarter of 2014, the company says.
In the first quarter, 17 new points of sale were opened, while 22 stores were closed. Today, Stefanel has 410 directly managed stores, including 149 in Italy. Out of 410 points of sale, 165 are directly managed.
On a comparable basis, branches have achieved steady sales (-0.4%). Geographically, sales confirm Italy as the brand’s primary market with a 43% share in the total turnover.
The company’s consolidated net debt appears at 83.1 million euros compared to 78.4 million as of December 31, 2013.
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