MILAN – Damiani SpA reported a near 80 percent drop in first-quarter earnings after sales slumped in the jeweler's core market of Italy and revenues fell due to non-recurring items.
For the three months ended June 30, net profits declined to 2.1 million euros or $3.3 million. Excluding 7.6 million euros or $11.9 million of non-recurring revenues related to real estate operations reported in the first quarter of 2007, net profits dropped 40 percent from 3.5 million euros or $5.5 million.
Consolidated revenues decreased 22.3 percent to 39.2 million euros or $61.3 million.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)