ESCADA GROUP SAYS EARNINGS EVEN FOR ’96
PARIS — Escada Group, in a preliminary report on fiscal 1996 results, said Friday that pretax earnings were about the same as a year earlier, when they hit 30.6 million marks — or about $18.5 million at current exchange.
Group sales for the year ended Oct. 31 rose 5 percent to $744.5 million (1.23 billion marks), Escada said.
In addition to the Escada brands, the group counts among its holdings Cerruti 1881 and Schneberger Group.
For Escada AG, the Munich-based main operation, pretax earnings gained 25 percent to $14.4 million (23.75 million marks). Sales increased 9 percent to $347.4 million (574 million marks) from 525 million marks a year earlier.
Sales of the Escada label grew 15 percent, while the Laurel collection, a women’s bridge line owned by Escada AG, also gained market share, Escada said.
Escada further noted that it is on target for the current fiscal year.
Group orders for the spring-summer collections are at last year’s levels. Increased sales are expected for the fall-winter collections.
Final figures for the year are scheduled to be released March 26.