MILAN — Aeffe SpA, which produces and distributes Alberta Ferretti, Jean Paul Gaultier, Moschino and Pollini, said it expects recovery in the second half after net losses of $2.1 million in the first quarter this year.
This story first appeared in the May 17, 2010 issue of WWD. Subscribe Today.
For the first quarter, Aeffe reported net losses of 1.7 million euros, or $2.1 million, compared with a net loss of 300,000 euros, or $420,000, in the year-earlier period.
Consolidated revenues dropped 15.2 percent to 61.3 million euros, or $76.6 million, compared with the same quarter the year before.
“Even though the wholesale channel remains difficult, affected by orders collected in the third quarter 2009 when the macroeconomic situation was very uncertain, the first quarter of 2010 has confirmed signs of recovery,” the company’s executive chairman Massimo Ferretti said. “We believe the improving trend should continue in the second half.”
Aeffe’s losses before interest, taxes, depreciation and amortization amounted to 1.5 million euros, or $1.87 million, compared with EBITDA of 3.8 million euros, or $5.3 million, in the first quarter 2009.
Revenues from the ready-to-wear unit slipped by 11.6 percent compared with the first quarter of last year to 51.2 million euros, or $64 million, while revenues of the footwear and leather goods division declined 28.5 percent to 13.1 million euros, or $16.4 million.
Sales slipped in all regions. In particular, sales in Russia decreased by 34.4 percent to 3.1 million euros, or $3.9 million. In the U.S., they dropped 21.1 percent to 4.3 million euros, or $5.4 million, while in Italy they decreased by 12.4 percent to 26.2 million euros, or $32.7 million.
Aeffe is listed on the Italian stock exchange.