Fashion house Benetton Group SpA has announced a rise in third quarter net profit to EUR27 million, compared to EUR24m earned in the same period last year.

Meanwhile, the Milan-based company also saw pre-tax earnings fall to EUR45m for the period, down from EUR48m in third quarter 2002, while revenue fell 10 per cent year-on-year to EUR413m for the three months.

The company blames the downturn on the sale of its Sportsystem units in early 2003.