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Fashion group Valentino's operating result grow in Q3

Nov '05
Fashion and luxury firm Valentino Fashion Group S.p.A. Board of Directors (BOD) approved the Report on the third quarter of the year 2005. The Report has been drawn up pursuant to the annex 3D of Consob Regulations and in compliance with the international Accounting Standards and the International Financial Reporting Standards.

The company is the beneficiary company of the partial proportional demerger of the clothing business of Marzotto S.p.A., effective from 1st July 2005. As a consequence the Group's economic results as at 30th September 2005, herewith attached, can only refer to year's third quarter - as Valentino Fashion Group S.p.A. has not been active until the demerger effective date - and do not compare with the previous year.

However, in order to allow a homogenous comparison of the financial and economic results of the quarter as well as of the first nine months, with those of the comparable periods of 2004, pro-forma accounts have been prepared, too.

Net consolidated sales amounted to €570.7 million in the third quarter of 2005, increased by 11 percent compared to €513 million in the third quarter of 2004, in line with the positive trend of the first half of the year.

In the third quarter of 2005 the Group's operating profit was €115.2 million, with a 13 percent increase on the comparable period of 2004 (€102.1 million).

Pre-tax consolidated profit was €112.4 million in 2005 third quarter, Pre-tax consolidated increased by 17 percent from €96.3 million in the same period of 2004.

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