ITALY: Benetton 9-month profit falls on higher input costs
Clothing company United Colors of Benetton saw net income fall over the first nine-months of the year, after being hurt by sales declines in Europe and rising input costs.
The Italian manufacturer and retailer today (14 November) said net income was down to EUR60m for the first nine months of the year, from EUR85m in the same period last year. Operating profit fell to EUR645m from EUR696m due to higher raw material prices, particularly cotton and wool.
Sales were down 0.5% to EUR1.5bn.
The company said the results were in spite of extensive efforts to accelerate growth in markets where there are "promising opportunities" - mainly in emerging markets. It had also tried to defend its market share in established markets where the economic crisis has dampened consumer expenditure.
Franco Furnò,CEO with responsibility for commercial, product and human resources, said the company has been working to strengthen its communication, marketing and merchandising.
He added that recent successes include dedicated collections for Asiatic countries, which are "particularly auspicious for continued growth in those markets".
High-end Italian clothier Ermenegildo Zegna and fashion retailer Benetton Group SpA have both bought shares in luxury fashion firm Brunello Cucinelli SpA, which this week completed an initial public o...
Benetton's 'Nitex' clothing factory in the southern Serbian city of Nis is set to employ 2,000 workers by the end of 2013, rising to 2,700 once its renovation is fully completed the following year....
Italian fashion firm Benetton Group SpA has blamed higher raw material costs and a slowdown in consumer spending in the Mediterranean area for a 28.4% drop in full-year profit....
- US apparel retailers' January 2016 sales roundup
- TPP trade pact in milestone signing by 12 nations
- Esquel backs Chinese Sea Island cotton production
- US apparel import growth led by Bangladesh
- Cheap polyester contributes to cotton import shift
- Southeast Asia – a strategic sourcing review
- Bangladesh factory fire renews worker safety fears
- H&M and Primark price rivalry reaches equilibrium
- Hanesbrands Q4 performance “disappoints”
- American Apparel exits bankruptcy
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020
- E-Textiles: Electronic Textiles 2014-2024