MILAN — Dolce & Gabbana published its third-ever annual report and once again the company showed double-digit growth in both profits and sales.

The designer company posted a 34 percent jump in net profits to 55.5 million euros, or $65.5 million, for the year ended March 31. Sales climbed 23 percent to 585.1 million euros, or $689.2 million. Currency conversions were made at average exchange rates during the period.

The growth in those figures is slower than the 78 percent net profit leap and 50 percent revenue jump the company saw the year before, but the results were still enough to earn Dolce & Gabbana an award for having the best Italian balance sheet. Consultancy Bain & Co. and financial newspaper Il Sole 24 Ore are honoring the company tonight.

The report said that earnings before interest and taxes grew 38.5 percent to 99.8 million euros, or $117.8 million. Earnings before interest, taxes, depreciation and amortization advanced 34.5 percent to 120.2 million euros, or $141.8 million.

“The results for fiscal 2003-04 are the outcome of an investment strategy focused on the core business, which, over the years, has enabled Dolce & Gabbana to win growing market approval,” the annual report stated.

Neither the designers themselves nor company executives could be reached at press time regarding the report.

Looking at consolidated revenues for the year, industrial sales — or wholesale — made up 51.4 percent of the total, while retail sales made up 36 percent. Licensing revenue comprised 12.6 percent.

Retail sales grew 41.5 percent to 210.7 million euros, or $250.1 million. In particular, Italian retail sales advanced 19.9 percent and those in the rest of Europe increased 27.7 percent. Sales in the U.S grew 15.6 percent despite a weak dollar-to-euro exchange. Sales in Japan doubled as the company consolidated stores there it has recently bought back from licensees.

The company also revealed that wholesale revenues, meaning sales of Dolce & Gabbana and D&G branded products, both by the group and through its licensees, rose 15 percent to 867.5 million euros, or $1.02 billion.

Ready-to-wear, which made up 50 percent of the total, saw its wholesale sales grow 10.7 percent to 434.7 million euros, or $512.9 million. Sales of fabric accessories increased 15.5 percent to 44.4 million euros, or $52.4 million, while those of leather goods and footwear rose 12.5 percent to 69.3 million euros, or $81.8 million. Revenues from fragrances, eyewear and watches, which collectively make up a significant portion of the whole, climbed 22.2 percent to 319.1 million euros, or $376.5 million.

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