Superga parent company BasicNet doubles net profit
today Nov 4, 2013
BasicNet has seen its margins improve and net profit and operating income rise for the first nine months of 2013. The Turin-based group - which owns brands Superga and Kappa - saw net profit double to reach €4.4 million in September 2013, with EBIT jumping from €6.1 million in September 2012 to €11.1 million for the same period this year. EBITDA rose to €20 million euros, from €11 million at the period end September 2012.
The group diversifies its business activity through international licensing agreements for the production and distribution of its brands. Total sales generated through licenses for the group was reported at 324.8 million euro for the first nine months of 2013. At constant exchange rates, total online sales were at 325.5 million euros against 236.9 the previous year.
BasicNet saw significant growth in its North American market (+32.8%) and in the Middle East and Africa (+8.3%) during the period. The company has even announced positive results for its European market, despite facing difficulties in the year’s first half mainly due to the ending of sponsor contracts and the closure of a sporting chain in the United Kingdom.
Over the course of the third quarter 2013, the group signed licenses for the distribution of Superga in former Yugoslavian countries and the United Arab Emirates, as well as in Singapore, Malaysia and the Philippines.
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