MILAN — Italian jeweler Damiani SpA said Monday it trimmed its first-half net loss to 7.2 million euros, or $10.3 million, from 8.5 million euros, or $10.9 million, in the year-earlier period as sales increased and the company improved control of circulating capital.

Revenues in the six months to Sept. 30 climbed 11.2 percent, at constant exchange rates, to 61.2 million euros, or $87.5 million, boosted by a strong performance in Italy, the group’s largest market.

Dollar amounts have been converted at average exchange rates for the periods to which they refer.
The company said that it achieved “excellent results in the retail channel,” in both its Italian and foreign Damiani monobrand boutiques as well as in its Rocca multibrand stores. The wholesale channel also put in “good growth,” the company said, “with positive signals on the domestic market despite the high level of uncertainty which still characterizes the sector.”

However, management warned that the uncertain macroeconomic situation “makes it difficult to predict the trend for the second half of the [financial] year, which is characterized by the peak in seasonality in our sector.”
Net debt shrank nearly 30 percent, to 28.1 million euros, or $40.2 million, thanks to the improved circulating capital management, the company said.

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