ITALY: Brunello Cucinelli FY profit up on double-digit sales
- FY net profit rises 10.9% to EUR29.6m
- Net revenues up 15.5% to EUR322.5m
- Expects double-digit 2014 profit and sales
Italian luxury fashion group Brunello Cucinelli SpA has reported an increase in full-year profit, thanks to double-digit sales growth.
Sales in the group's international markets, which now represent 79.3% of revenues, rose 21.4% during the year ending 31 December.
The US, Europe and Greater China saw sales rise 23.2%, 20% and 52.5% respectively. The rest of the world posted a 5.7% increase, while the Italian market reported a 2.9% decline.
Brunello Cucinelli retail turnover jumped 50%, while wholesale revenues edged up 1.2% and multi-brand sales climbed 2.5%.
Chairman and CEO Brunello Cucinelli said the company had benefited from "the great appreciation for a made in Italy product featuring great craftsmanship, quality and creativity."
He added that the business expects to post double-digit profit and sales growth in 2014.
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