MILAN — Lifted by strong exports to Russia and other countries outside Western Europe, and gains at its footwear and leather goods division, Aeffe SpA said it more than doubled its net profit in the first three months of the year compared with the same period last year.
In the quarter ended March 31, the Italian apparel manufacturer, which produces and distributes collections for Alberta Ferretti, Moschino, Pollini, Jean Paul Gaultier, Cacharel and Cédric Charlier, registered a net profit of 1.9 million euros, or $2.5 million, up 135 percent from 812,000 euros, or $1.1 million, in the first three months of last year.
Revenues rose 3.6 percent to 74.5 million euros, or $97.5 million, compared with 71.9 million euros, or $100.6 million, in the first quarter of 2011.
Dollar amounts have been converted at average exchange rates for the periods to which they refer.
“Our group is continuing to record positive results, both in term of sales growth and increase in profitability,” executive chairman Massimo Ferretti said in a statement. “In particular, the latter increased more than proportionally to the progression of revenues, confirming the effectiveness of the actions implemented in the past for the rationalization of the business processes.”
While acknowledging the difficult economy in Italy and in Europe, he said he remained “confident on the remaining part of the year.”