Despite reaching a record 235,000 tons in fiber sales and implementation of a cost-optimization program, an erosion of selling prices for man-made cellulose fibers and difficult global fiber conditions led Lenzing Group to steep declines in sales and earnings in the first quarter.
Net profits for the quarter ended March 31 fell 63.1 percent to 7.7 million euros, or $10.6 million at current exchange, from 20.9 million euros, or $28.7 million, in the same period a year earlier. Consolidated earnings before interest, tax, depreciation and amortization amounted to 46.3 million euros, or $63.5 million at current exchange, in the first quarter, down 30.2 percent from 66.3 million euros, or $90.9 million, in the previous year.
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)