FILE Picture: A deliveryman is found silhouetted in front of Italian luxury model Giorgio Armani’s retail store at the Wangfujing buying street, as the country is hit by an outbreak of the novel coronavirus, in Beijing, China February twenty, 2020. REUTERS/Tingshu Wang
MILAN (Reuters) – Income at Italian style group Giorgio Armani returned to progress in 2019, a yr in advance of its target, immediately after a 3-12 months prepared slide from streamlining its distribution and model portfolio beneath just 3 labels.
The luxurious team claimed on Friday it was not nonetheless achievable to accurately estimate the affect of the COVID-19 pandemic, which has seriously strike the full market this 12 months but explained it experienced the sources to cope with uncertainties.
Net profits grew 2.3% to 2.158 billion euros ($2.forty four billion) very last yr, thanks mainly to the seven% increase in equivalent product sales in the directly managed shop and e-commerce community.
Total 2019 revenues, which include licences, rose by 9% to four.157 billion euros.
Earnings ahead of tax declined close to 12% to one hundred seventy five million euros and net earnings totalled 124 million euros.
The group experienced potent liquidity of 1.two billion euros at the finish of very last yr as opposed to one.3 billion in 2018.
Reporting by Claudia Cristoferi modifying by James Mackenzie