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Mariella Burani Fashion generates healthy sales for Q1

20
May '08
The Board of Directors of Mariella Burani Fashion Group Spa yesterday approved the consolidated financial results for the first quarter of 2008 which reflect:

• Revenues of € 181.2 million from € 178,1 million in 1Q 2007, reflecting 1.7% total growth and 12.8% organic growth.
• EBITDA of € 29.1 million (+14.4%) vs. € 25,5 million in 1Q 2007.
• EBIT of €24.8 million (+24.2%) vs. € 20 million in 1Q 2007.
• Pretax income of €16.7 million (+20.1%) vs. € 13,9 million of in 1Q 2007.

FINANCIAL HIGHLIGHTS – 1Q 2008:
Consolidated revenues of 1Q 2008 increased to € 181.2 million compared to € 178.1 million for the same period in 2007. Total revenues reflect the net impact of the disposal of the multi-brand retail division in May 2007, the consolidation of Valente and Calgaro (Fashion jewellery), and the acquisition of Dadorosa (Leather Goods) in June 2007. Organic revenues grew by 12.8% during the period.

The Group's total growth was driven primarily by:
• The strong performance of the Leather Goods division (Antichi Pellettieri) that realised 18,5% growth during 1Q 2008: the divisional growth was primarily driven by the excellent results of own brands such as Baldinini (+40%), Braccialini (+37%) and Sebastian (+39%);
• The growth of the Apparel division driven by the optimal performance of Junior Fashion Group;
• The optimal growth realised in emerging luxury markets (+33.1%) driven by the strong growth realized in Russia, Eastern Europe, and the Middle East;
• The Organic growth realized in Italy (+8.0%).

Ebitda reached €29.1 million for the year (+14.4%) with an Ebitda margin of 16.1% versus 14,3% for the same period in 2007. Ebitda growth is mainly attributable to the continuous improvement in the Group's sales mix, to operating leverage, economies of scale and further rationalization of the Apparel division.

The Group's sales mix reflects:
• Leather Goods and Fashion Jewellery divisions, which together generated 63.4% of revenues vs. 50.9% in 1Q 2007;
• Export sales which generated 63.1% of revenues with emerging markets representing 35.9%, and US and Japan, together limited to 5% of the Group's revenues.
• Own brands which generated 81.7% of revenues;
• Direct distribution channels which generated 52.2% of revenues with the Group's retail network reflecting 16.2% of revenues.


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