Wholesale Channel, Italy Dent Aeffe 9M Performance

MILAN — A mixed performance by channel and geographic market dented Aeffe SpA’s profitability, while revenues grew in the first nine months of the year. A slowdown in the Italian fashion group’s local market and in its wholesale channel was offset by global growth and a gain in its retail division. In the period ended Sept. 30, net of the new IFRS 16 accounting standard, net profit at the Italian fashion group fell 16.7 percent to 13.4 million euros. This compares with 16.1 million euros in the same period last year. Revenues rose 1.7 percent to 269 million euros, compared with 264.6 million euros in the same period last year. Earnings before interest, taxes, depreciation and amortization were down 9 percent to 33.8 million euros, compared with 37.1 million euros, last year. Operating profit dropped 11.2 percent to 24.6 million euros. Aeffe, which is listed on Italy’s Star segment of the Italian Bourse, includes the Alberta Ferretti, Philosophy di Lorenzo Serafini, Moschino and Pollini brands and produces and distributes the Jeremy Scott and Cédric Charlier labels. “In an uncertain market environment, characterized by turbulence in markets of importance for us, we positively evaluate the results of the first nine months and we believe that the investment plan implemented since last year across R&D, production

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