Trading at department store operator Gruppo Coin is tracking above expectations and should improve further in 2011, the company’s chief executive told reporters.
Speaking at the opening of a new store in Milan, Stefano Beraldo said EBITDA for the current fiscal year for new acquisition Upim was poised to outstrip the EUR10m (US$13m) originally forecast.
Coin became Italy’s leading apparel retailer with the acquisition last year of the then loss-making Upim, taking annual sales above the EUR1bn mark.
Berardi said the company’s stronger performance during 2010 should improve further in 2011, once the process of absorbing Upim was complete.
