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Antichi Pellettieri declares excellent Q1 results

14
May '08
The Board of Directors of Antichi Pellettieri Spa yesterday approved the financial results for the first quarter of 2008 which reflect:

•Revenues of € 104.9 million (+ 23.8 %) vs. € 84.8 million in 1Q 2007.
•EBITDA of € 18.8 million (+ 34.3%) vs. € 14.0 million in 1Q 2007.
•EBIT of € 16.9 million (+ 39.0%) vs. € 12.1 million in 1Q 2007.
•Pretax income of € 14.4 million (+40.4%) vs. € 10.2 million in 1Q 2007.

FINANCIAL HIGHLIGHTS – 1Q 2008

Consolidated revenues increased to € 104.9 million (+23.8%) compared to € 84.8 million in 1Q 2007.

Total revenue growth was driven by:

The optimal performance of the Group's own brands including Baldinini (+37%) and Sebastian luxury footwear collections (+39%) as well as Braccialini handbag and accessories collections (+36%);

Increased revenues from direct distribution channels, as evidenced by the 27% growth of the Groups Directly Operated Stores (DOS) during the quarter;

Dynamic growth realised in emerging luxury markets (+33%), driven by the optimal performance of Russia (+30%), Eastern Europe (+34%), and the Middle East (+80%).

Total growth realised in Italy (+22%), driven again by Baldinini footwear collections and Braccialini handbag and accessories collections; the consolidation of Dadorosa (acquired in July 2007).

Ebitda reached € 18.8 million for the year (+34.3%) with an Ebitda margin of 17.9% versus 16.5% for the same period of 2007. Ebitda growth is primarily attributable to the improvement in the Group's sales mix with an increasing focus on higher margin products, increased operating leverage, and economies of scale.


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