At meeting the Board of Directors of Valentino Fashion Group S.p.A.approved the Report on 2007 first half.
PERFORMANCE OF 2007 FIRST HALF:
Net consolidated sales were €1,027.3 million in the first half of 2007, up by 11% (currency adjusted +13.5%) on 2006 first half (€925.7 million).
Group's sales showed a growing trend (+15.5%) even in the second quarter of the year which usually registers, as the forth one, lower levels due to the wholesale dynamics.
DOS sales, equal to 16% of total sales, rose by 20% thanks to both the increase in the number of shops (318 against 253 at 30th June 2006), and the improvement in the performance on constant floor space.
The pre-tax result amounted to €103.3 million in 2007 first half, up by 15.5% on €89.4 million of 2006 comparable period. Consolidated net income was €71.7 million, increased by 18.1% on €60.7 million reported in 2006 first half.
Group net income, net of minority interests, amounted to €41.4 million (+18.3% on the first half of 2006: €35.0 million). Group staff amounted to 11.372 persons at 30 June 2007, up from 10.256 at 30 June 2006. The increase was mainly due to the development of direct retail.
Group net financial debt was €453.5 million at 30th June 2007 (30th June 2006: €407.3 million). The increase on 2006 year's end €340.9 million was mainly due to dividends paid out in 2007 first half and to working capital investment.
Investments amounted to €41.4 million in the period (€54.1 million in the first half of 2006). The major projects concerned the opening of 34 new DOS and the updating of the Group IT platform.
Group shareholders' equity, including minority interests, amounted to €637.3 million at 30th June 2007 (€589.0 million at 30th June 2006).
OUTLOOK FOR THE CURRENT YEAR:
The first half performance, the Fall/Winter orders' backlog and the increase in direct retail allow to anticipate full-year growth in sales by about 10%, with operating and pre-tax profit improving more than proportionally than sales.
Valentino Fashion Group S.p.A.
marketing@alchempro.com
