The Board of Directors of fashion group Mariella Burani Fashion Group has approved the financial results for the first quarter ended March 31st 2006 which reflect:
-- Revenues of €141.1 million (+19.8 percent) vs. €117.8 million of Q1 2005.
-- EBITDA of €19.2 million (+39.9 percent) vs. €13.7 million of Q1 2005.
-- EBIT of €15.1 million (+73.5 percent) vs. €8.7 million of Q1 2005.
-- Pretax income of €10.2 million (+103.3 percent) vs. €5 million of Q1 2005.
MBFG consolidated revenues increased to €141.1 million (+19.8 percent) compared to €117.8 million of Q1 2005.
Total revenue growth was attributable to both, organic growth from:
-- The leather goods division (Antichi Pellettieri), that realised 38.6 percent organic revenue growth with revenues in Q1 2006 of €55.3 million;
-- The Group's expanded retail network, with Directly Operated and Franchised stores generating 39 percent of consolidated revenues;
-- Emerging luxury markets including the Far East (+105 percent), the Middle East (+112 percent), and Eastern Europe and Russia (+23 percent);
-- Italy, driven by the handbag and accessory collections of Braccialini and the footwear collections of Baldinini.
and external growth:
-- the consolidation of Bernie's, a leading luxury goods retailer in Switzerland.
Ebitda reached €19.2 million, +39.9 percent compared to Q1 2005, reflecting an Ebitda margin of 13.6 percent versus 11.6 percent for the same period 2005. Improved Ebitda in the Leather Goods division is mainly attributable to operating leverage, economies of scale, operating leverage and reduced production costs, while Ebitda in the Apparel division benefited from further development of synergies within the Group's companies and continued rationalisation of activities.
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