IT Holding sees loss deepens on higher financial charges in 2005
30 Mar '06
3 min read
The Board of Directors of Italian clothing group behind fashion house Gianofranco Ferre IT Holding SpA has approved the consolidated financial statements and separate financial statements as at and for the year ended December 31st 2005.
The turnover amounted to €676.0 million for 2005, a decline of 4.8 percent over the €709.9 million achieved in 2004 and recorded an increase, on a like-for-like basis, of 3.5 percent compared to the prior year. Of note is the excellent performance of the accessories division which registered revenues amounting to €84.6 million (+45.1 percent with respect to €58.3 million recorded in 2004) and confirms the positive outcome of the project to develop a specialized sales channel through the +IT stores of which 7 have been newly opened.
In terms of the geographical distribution of revenues, to be highlighted is the significant increase in revenues recorded in the Far East and Japan (+14.8 percent) and in the rest of the world (+30.8 percent). A good performance was also registered in the Americas (+2.8 percent) and in the other European countries (2.3 percent). The Italian market remained substantially stable.
In terms of sales channels, revenues are once again driven by the wholesale channel (+4.5 percent) which confirms itself as the most important sales channel for the Group.
The operating result, amounting to €26.1 million, improved significantly recording and increase of €18.6 million compared to the year 2004 and increasing as a percentage of revenues from 1.1 percent in 2004 to 3.9 percent in 2005. The increase was also due to the change in accounting principles regarding amortization of intangible assets.
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