Last year, the Giorgio Armani group increased its consolidated revenues rose by 1.5 percent to €1.620 billion, with a rise in wholesale revenues of 6.6 percent. At constant currency rates, the two lines of revenues rose by 2.4 percent and 9.5 percent, respectively. Operating profit before amortization (Ebitda) declined by 14.6 percent to €303.2 million but the company maintained its net cash position in line with the previous year at more than €370 million. Capital expenditures nearly doubled to over €170 million as the group opened 50 stores, boosting the retail network to 539 doors at the end of 2008.