Most Recent Articles In Financial
Latest Financial Articles
- Greece is the Word as Fashion Equities React
- Seritage Shares Rise as Trading Begins
- Europe, Asia Stocks Finish Down as U.S. Retail Stocks Slide
More Articles By
MILAN — Giorgio Armani SpA said net profits last year climbed 12.8 percent to 181.6 million euros, or $252.4 million, compared with 160 million euros, or $211.2 million, in 2010.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8 percent to 349.9 million euros, or $486.3 million. The figures are contained in the Italian firm’s just-released annual report for the year ended Dec. 31.
Last May, Armani reported operating profit grew 23.2 percent to 281.8 million euros, or $391.7 million. Revenues rose 13.6 percent to 1.8 billion euros, or $2.5 billion, from 1.59 billion euros, or $2.1 billion, as reported.
In his letter prefacing the report, chairman Giorgio Armani said: “Our business model, based on strategic brand portfolio management, a network of strong and reliable partners, and a slim and proficient management organization, allowed us to respond to challenges swiftly and efficiently in a decidedly difficult scenario.”
The designer defined 2011 as “an excellent year,” and, despite the uncertainty surrounding the markets and the global economy in 2012, he said he looks to the future “confidence, always aiming to improve.”
Dollar figures are converted at average exchange rates for the periods to which they refer.