Yoox, which is about to merge with Net-a-Porter, posted consolidated revenues, net of returns and customer discounts, of €147.2 million in the first quarter of 2015, up 16.4 percent, or 13.6 percent at constant exchange rates, compared with the first quarter of the prior year. Consolidated net income amounted to €1.2 million, representing a 30.0 percent jump from the same period of 2014. Adjusted net income, excluding non-recurring items and non-cash costs relating to existing incentive plans and their related tax effect, stood at €3.0 million, up 85.0 percent from the first quarter of 2014.
The Italian luxury e-tailer recorded a monthly average of 18.8 million unique visitors during the first quarter, up 26.7 percent from the first quarter of 2014, which translated into a 16.9 percent increase in the number of orders. The Average Order Value (AOV) excluding VAT stood at €198. The number of active customers increased by 14.5 percent to 1.3 million.
The Multi-brand business line, which includes yoox.com, thecorner.com and shoescribe.com, posted a sales increase of 15.5 percent to €105.2 million, which reflects positive results from all three online stores. The Multi-brand business line accounted for 71.5 percent of the group's consolidated net revenues at March 31, 2015.
The Mono-brand business line, which includes the design, set-up and management of the online flagship stores of some global fashion and luxury brands, achieved consolidated revenues of €42.0 million, up 18.6 percent from the first quarter of 2014. This business line accounted for 28.5 percent of the group's consolidated revenues at March 31, with 38 online flagship stores. The results of the Mono-brand business line in the quarter benefited from the strong appreciation of the U.S. dollar against the euro as well as the solid performance of both the joint venture with Kering and most of the Mono-brand portfolio.
The group recorded higher sales in all its key geographical markets. In North America, the group's no. 1 market, revenues grew by 43.0 percent, or 17.6 percent at constant exchange rates, to €35.6 million. In Italy, revenues totaled €22.1 million, up 10.8 percent despite the tough comparison with the first quarter of last year, when sales had grown by 19.7 percent. Europe excluding Italy posted a 7.8 percent sales increase, or 15.5 percent at constant exchange rates. In Japan, the sales increase was of 5.9 percent, or 0.9 percent at constant exchange rates. Finally, other countries achieved a 51.9 percent sales growth, or 30.2 percent at constant exchange rates, driven by the excellent results for yoox.com in China and Hong Kong. The new native app launched in October 2014 contributed 40 percent of mobile sales in China in the first quarter of 2015.