ITALY: Armani's Profits Down Despite Revenue Jump
Leading Italian fashion house Giorgio Armani SpA on Tuesday reported a fall in full-year profits despite a 23 per cent jump in consolidated net revenue to 1.27 billion euros ($1.12bn).
The Milan-based company said its consolidated net profit fell to 110 million euros from 121 million euros in 2000.
It added that its earnings before taxes, depreciation and amortisation climbed four cent to 246 million euros.
The firm declined to give a full-year outlook for 2002 but said it is "cautiously optimistic" about results for the whole year based on its performance in the first quarter.
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