MILAN –There’s no stopping Giorgio Armani SpA.
The Italian fashion group said Thursday full-year 2007 earnings before interest and taxes grew 17 percent to 289 million euros, or $396.1 million at average exchange, buoyed by sales increases across all brands, product categories and geographic areas.
Consolidated revenues for the 12 months through Dec. 31 rose 8 percent to 1.6 billion euros, or $2.19 billion.
”These financial results for 2007 reflect a company that has been consistently growing for 30 years and that has built an innovative and winning business model under the Armani brand,” the designer and group president and chief executive officer Giorgio Armani said in a statement.
Armani also issued an upbeat forecast for the current year, touting a 7 percent increase in wholesale orders for the group’s fall 2008 collections and adding that, despite concerns over the economic climate, the group would forge ahead with its “ambitious worldwide retail network expansion program.”
”During 2008, we plan to add over 50 new stores to our network around the world, both in emerging markets, including our first presence in India, and in existing, more mature markets where opportunities still exist for expansion,” Armani said.
For full coverage, see Friday’s issue of WWD.