MILAN — Boosted by improved sales in the Americas and at home in Italy, jewelry firm Damiani SpA narrowed its losses in the first quarter of its most recent fiscal year.
Valenza, Italy-based Damiani’s net loss shrank to 2.3 million euros, or $3.2 million, in its first quarter ended June 30, 2011, compared with 4.5 million euros, or $5.8 million, in the same prior-year period.
Damiani’s first-quarter EBITDA loss also improved to 753,000 euros, or $1.08 million, compared with 2 million euros, or $2.54 million, in first-quarter 2010-2011.
The company’s consolidated sales rose 24.4 percent to 32.9 million euros, or $47.4 million. Its wholesale revenues gained 29 percent to 23.9 million euros, or $34.3 million, while retail sales grew 13.7 percent to 9 million euros, or $12.9 million.
Dollar figures have been converted at the average exchange rate for the period to which they refer.
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Sales from the Americas – which led the family-run company’s revenue gains — increased 44.9 percent. At constant currency, the rise was 64.1 percent. In Italy, the company’s largest market in terms of revenues, sales grew 27.3 percent. Damiani’s domestic business was spurred by a positive performance from its wholesale business and boutiques, despite an “uncertain” economic outlook. The firm’s “rest of the world” category posted a revenue uptick of 24.2 percent. However, sales from Japan, Damiani’s third-largest market, were down 6.5 percent.
At the end of the first quarter, Damiani, which includes the Damiani, Calderoni, 1840, Salvini, Alfieri & St. John and Bliss brands and the Rocca jewelry chain, had 32 directly operated monobrand stores worldwide.