The Italian shoemaker’s revenues rose by 10.1 percent to €40.65 million in the nine months ended Sept. 30, but their growth slowed down to only 1.7 percent in the 3rd quarter. The data were included in the financial release for the 9-month results of Pollini’s parent company Aeffe, which enjoyed a 10.7 percent jump in overall sales €234.03 million, with growth of 7.8 percent in the latest quarter. In terms of local currencies, sales were up by 14.0 percent in the nine months.
Operating margins were better in apparel, but the leather sector’s profitability doubled. Group operating profit before amortization and depreciation (EBITDA) rose by 38.1 percent to €39.22 million in the nine months, benefiting from a capital gain of about €2.0 million on the sale last May 18 of a 50 percent stake in Narciso Rodriguez. Excluding extraordinary items, the group’s ready-to-wear division raised its EBITDA margin to 17.6 percent of sales, while the shoe and leathergoods business boosted its EBITDA by 107.2 percent to €3.98 million, or 6.8 percent of sales.
Among Aeffe’s main brands, the sales revenues of Alberta Ferretti rose by 18.3 percent to €51.12 million in the nine months, Moschino by 9.3 percent to €105.62 million and Jean-Paul Gaultier by 11.1 percent to €21.17 million.
The group’s sales in Italy rose by 10.2 percent to €90.44 million. Sales in Russia rose by 66.5 percent to €19.61 million, and sales in the rest of Europe increased by 19.3 percent to €51.97 million. In the USA, group sales rose by 1.9 percent to €25.38 million. They dropped in Japan by 13.4 percent to €15.54 million, and in the rest of the world they rose by 0.1 percent to €31.10 million.
The group’s wholesale revenues rose by 11.0 percent to €169.82 million, while retail sales rose by 9.5 percent to €51.53 million and royalties increased 12.2 percent to €12.68 million.
The number of directly-operated stores remained unchanged at 75 at the end of September compared with the end of 2006, while the number of franchised stores increased to 93 from 74.
Group operating profit before interest and tax (EBIT) rose by 53.7 percent to €31.38 million and net profit jumped 72.6 percent to €12.18 million, underpinned by a fall in the tax rate to 45 percent from 51 percent. Aeffe’s order backlog for its Spring/Summer lines was up by 10 percent from a year earlier.