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Benetton Q1 net income rises

15 May '08

2 min read

The Benetton Group Board of Directors, meeting and chaired by Luciano Benetton, examined and approved the consolidated results for the first quarter of 2008.

Group net revenues in first quarter 2008 increased by 465 million euro (+3.4%), in line with the already-announced full year forecast. Growth in the quarter was influenced by:
- new delivery schedules for the spring and summer collections, developed to take advantage of new business opportunities in a market in which styles and trends change ever more quickly;
- the conversion of some USA stores from wholesale to retail which had a temporary impact on the quarter due to the lack of spring/summer invoicing in the early months of the year and which will be recovered in subsequent months;
- revaluation of the euro in relation to other major currencies.

Gross operating profit was 46.1% of revenues compared with 42.7% in the first quarter of 2007, due in particular to the increase in sales volumes and greater efficiency in management of the supply chain and sourcing activities, in a context of constant attention to product quality.

The contribution margin was 179 million euro against 160 million in the previous period, increasing to 38.6% of revenues from 35.6%.

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