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Highlights: - CONSOLIDATED NET REVENUES of Euro 782 million, +14% - EBITDA of Euro 241 million, +20% - EBIT of Euro 196 million, +19% - NET INCOME of Euro 138 million, +14%
Positive NET FINANCIAL POSITION of Euro 360.5 million
Consolidated net revenues amounted to Euro 782.3 million, a 13.9% increase (+15.2% at constant exchange rates) on the Euro 686.7 million reported for 1Q12.
EBITDA amounted to Euro 240.8 million, a 20.4% increase on 1Q12, and represented 30.8% of consolidated net revenues.
EBIT amounted to Euro 195.7 million and represented 25% of consolidated net revenues, improved from 24% reported in 1Q12.
Net income increased by 13.5% from Euro 121.7 million in 1Q12 to Euro 138.2 million in 1Q13.
The positive Net Financial Position improved to Euro 360.5 million from Euro 312.6 million at January 31, 2013.
Analysis of revenues
Revenues for the quarter followed contrasting trends in the two main distribution channels. Sales through Directly Operated Stores (462 DOS at April 30, 2013) amounted to Euro 678.7 million and increased by 19.1% (+20.8% at constant exchange rates); they were also sustained by solid Same Store Sales Growth of +8%. Meanwhile, sales in the wholesale channel fell by 9.4%, in line with expectations and as a result of the selective approach to independent customers.
The Asia Pacific market grew by 24.8% (+23.1% at constant exchange rates) thanks to the strong contribution of Directly Operated Stores in Greater China.
A similar trend was seen in the Americas with +23% growth at constant exchange rates. In the Americas, growth in the retail channel was accompanied by a healthy increase in the wholesale channel, confirming the strength of the US market.
The European market remained broadly unchanged (+1.3% growth at constant exchange rates) with contrasting dynamics in each of the two main distribution channels: sales through the retail network, primarily boosted by the healthy flow of travelers, continued to enjoy double figure growth while the wholesale channel recorded a significant drop in revenues.
The Japanese market recovered well with revenue growth of 12.2% at constant exchange rates, though the weakening of the Yen resulted in a 1.8% drop in revenues in Euro.
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