In the quarter just ended, both the Stefanel and the Interfashion businesses have shown positive trends which ought to continue in 2006. On the other hand, the Hallhuber business unit has turned in a performance that is lower than the same period last year, even if there are signs of an improvement in the initial figures for April; as regards the whole of 2006, the measures that have been taken to cope with the situation suggest that a satisfactory result can still be expected.
During 2005, the Nuance business unit began a radical analysis designed to improve its main organizational and commercial aspects. Initial results are expected for the second half of the current year. Under these circumstances, the expectations for 2006 are of a further improvement in the Group's results and net financial position compared with 2005.
Stefanel SpA - The Group's principal activity is to manufacture and market fashion leisure wear for men, women and children. The network of sales outlets consists of franchise outlets, stores directly operated by subsidiaries and departments within independently operated chain stores.