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Accessories division perks up IT Holding's 9-months revenues

Nov '05
Milan based leading fashion firm IT Holding S.p.A's Board of Directors approved the interim consolidated financial statements for the nine months ended September 30, 2005, prepared in accordance with International Financial Reporting Standards (IAS/IFRS).

Net consolidated revenues amounted to Euro 518.3 million, and showed a growth of 3.1 percent on a like-for-like basis (the Group disposed of its eyewear business, Allison S.p.A. in October 2004) and year on year.

Revenues were driven by an excellent performance of the accessories division: the Euro 67.6 million achieved (up 44.8 percent with respect to the Euro 46.7 million recorded for the nine months ended September 30, 2004), confirm the positive development of the specialized sales channel for which five points of sale have already been opened (in Milan, Paris, Moscow, Warsaw and Casablanca).

Operating performance
As had already become apparent from the results for the first six months of the year, the results for the nine months ended September 30, 2005 once again confirm the progressive focus that the Group is placing on its owned brands, particularly in terms of profitability.

There is a significant improvement in EBITDA as a percentage of revenues for both the Ferré brand (from 2.0 percent to 6.6 percent) and the Malo brand (from 3.1 percent to 7.9 percent).

With regards to the accessories division, growth was significant both in terms of revenues (+44.8 percent with respect to the corresponding nine months of the previous year) and in terms of EBITDA (amounting to Euro 17.3 million, +49.1 percent).

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