MILAN ― For the 12 months ended Dec. 31, Aeffe SpA narrowed losses to 12.5 million euros, or $15.8 million, compared with 20.1 million euros, or $28 Million, from 2009, thanks to effective reductions in costs and efficiency improvement plans that are currently in place at group level.
Revenues for the Italian fashion group, which recently acquired the remaining 28 percent of Pollini and produces and distributes collections for Moschino and Jean Paul Gaultier among others, edged up 1 percent to 219.2 million euros, or $289.3 million. Dollar figures are converted at average exchange rates for the periods to which they refer.
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“We are very satisfied with the results reached in 2010, which showed an increasing progression in revenues and a more than proportional increase in profitability,” said the group’s executive chairman, Massimo Ferretti. Earnings before interest, taxes, depreciation and amortization (EBITDA) improved significantly, coming in at 3.54 million euros, or $4.6 million, compared to negative EBITDA of 12.9 million euros, or $17.9 million, registered in 2009.
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Figures from Moschino, which remains the group’s top performer and accounted for 57 percent of total sales last year, were up 6.1 percent while all other brands registered lower double-digit percentage decreases except for Alberta Ferretti, which was down 2.9 percent.
Geographically, sales were up 12.7 percent in Japan to 19.2 million euros, or $25.3 million. There was single-digit growth in the U.S. and Italy while figures from the rest of the world excluding Europe and Russia were down 14.4 percent, though the market has showed continuous improvement throughout 2010 according to the company.
As of Dec. 31, net financial debt reached 95.5 million euros, or $126 million, climbing from 87.7 million euros, or $122 million, a year earlier.