MILAN — Valentino Fashion Group SpA saw higher profits and sales in the third quarter, but growth rates slowed from the first half of the year.
Net profits for the three months ended Sept. 30 rose 6.8 percent to 60.9 million euros, or $83.4 million, the company said. Sales for the period advanced 6.7 percent to 649.6 million euros, or $890 million. Valentino FG did not provide a detailed breakdown for third-quarter numbers.
All dollar figures have been converted from the euro at average exchange rates for the period.
Net profits for the first nine months of the year rose 11.4 percent to 102.4 million euros, or $137.2 million. Revenues grew to 1.72 billion euros, or $2.3 billion, up 9.2 percent, or 12 percent at constant currency rates. Operating profits climbed 14.8 percent to 261 million euros, or $349.7 million.
Valentino FG said it expects to post full-year sales growth of about 10 percent thanks to a positive order book for the spring-summer season.
Valentino FG noted rising operating profits and sales for each of its divisions. Fashion house Valentino saw its revenues for the first nine months of the year rise 7.6 percent to 192.3 million euros, or $257.7 million. Hugo Boss, which released its financial results Tuesday, grew its nine-month sales 9.2 percent to 1.33 billion euros, or $1.78 billion. Valentino FG's other apparel brands, including Marlboro Classics, saw their nine-month sales climb 10.6 percent to 250.3 million euros, or $335.4 million.
Geographically, nine-month sales in Europe and the Americas rose 9.5 percent and 10.8 percent, respectively. Asia and other markets saw more modest growth, increasing 5.2 percent.
Valentino FG said it had invested 59.6 million euros, or $79.9 million, in the first nine months of the year to open 61 new sales points and upgrade the group's IT platform.
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