The luxury and fashion e-tailer posted a 37.9 percent uptick in adjusted net income to 59.7 million euros, or $66.3 million, and an increase in earnings before interest, taxes, depreciation and amortization of 25.7 percent to 133.1 million euros, or $147.7 million.
All figures have been converted at average exchange rates for the 12 months to Dec. 31.
The financial statements are pro-forma and compare fiscal 2014 with 2015, with numbers based on historical data from both companies. The official merger took place in October 2015.
YNAP’s net financial position was 62.1 million euros, or $68.9 million, slightly higher than the previous year.
Last month, the company reported pro-forma revenues of 1.7 billion euros, or $1.8 billion, for 2015, a 30.9 percent uptick compared with the previous year.
At constant exchange rates, sales were up 21 percent, with all business channels and all markets lifted by the e-tailer’s performance last year.
Federico Marchetti, YNAP’s chief executive officer, called the year’s performance “solid and well-balanced.”
“Together as a new group we achieved revenue growth in excess of 30 percent and adjusted net income up almost 40 percent notwithstanding 2015 was a transformational year,” said Marchetti, adding that the results underlined YNAP’s power to deliver profitable growth going forward.
The outlook for the current year is rosy.
During a call with analysts, Enrico Cavatorta, chief financial and corporate officer, said revenue growth in 2016 would be in the “high-teens” at constant exchange rates, while adjusted EBITDA margins would improve.
He added that capital expenditure would hit 150 million euros, or $165.3 million at current exchange. Most of it will be devoted to investments in technology, and in particular to investments aimed at creating the shared, global techno-logistics platform across all of the group’s online stores, including those it operates for other brands.
In the first quarter of 2016, he said revenue growth would be slightly lower than the full-year projection — in the midteens — due to “the integration of the two companies, new business developments and the enrichment of the brand portfolio.”
Growth, he added, would be back-loaded in the second half of the year.
Marchetti took the call as an opportunity to tout some of the company’s recent strides.
He revealed that earlier this week YNAP inked a five-year global partnership with Chloé for the set-up and management of the brand’s online flagship, which will launch later this year.
As reported, the company has signed a similar deal with Alfred Dunhill Ltd., whose site went live last month.
Marchetti also said six monobrand contracts with companies including Pringle of Scotland, Barbara Bui, Roberto Cavalli, and Brunello Cucinelli, which in 2015 together accounted for a total of 0.6 percent of the group’s pro-forma net revenues, would not be renewed.
The company said that in 2015, costs came partly from the opening of the new logistics spaces in London and at the Interporto logistics pole in Bologna, and to investments in marketing to support increased buying.
YNAP said net income benefitted from the positive contribution of the joint venture with Kering and from a lower effective income tax rate.
During the call, Silvia Scagnelli, corporate development and investor relations director, talked about the rationale behind the new deal with IBM, which is aimed at uniting all of the YNAP businesses on one back-office platform, enhancing its creative tech abilities, and pumping up customer service and speed to market. She said the deal would mean a “step change” in YNAP’s omnichannel capabilities and create a “seamless integration of inventory” that would result in better sell-throughs and greater sales.
She said YNAP was also planning more native app development and other innovations aimed at creating “unique brand experiences” for customers.
YNAP released the results after the close of trading on the Milan bourse Wednesday. The company’s shares closed up 1.6 percent at 26.80 euros, or $29.53.