MILAN — Giorgio Armani SpA reported a drop in 2009 earnings, with the recession affecting its core business and licensed products even as the company grew significantly in China.
The firm reported earnings of 218 million euros, or $303 million, before interest, taxes, depreciation and amortization, down from 303.2 million euros, or $445.7 million, in 2008. Armani, which did not provide net income, said it generated consolidated sales of 1.5 billion euros, or $2.09 billion, a 6 percent drop from 1.62 billion euros, or $2.38 billion, in 2008. In China, however, sales jumped 32 percent.
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