ATHENS (Thomson Financial) - Greece's luxury goods retailer Folli Follie SA reported first-half net earnings after taxes and minorities of 42.4 million euros, reflecting 8.5 percent year on year growth, due to solid sales performance.
Sales for the group rose 52.6 percent to 413.3 million euros and EBITDA increased 26.4 percent to 92 million euros.
Folli Follie said, on a stand-alone basis, Japan accounted for 13 percent of sales, the rest of Asia for 56 percent, Europe for 15 percent and Travel Retail for 16 percent.
On a product basis, jewellery represented 58 percent, watches 36 percent and accessories 6 percent of sales.
Commenting on results, Vice President George Koutsolioutsos 'We are extremely pleased with the performance of the First Half Financial Results of the Group. Although we are trading in a difficult market condition and sentiment, especially in Europe, the group overcame it by posting a solid growth.'
He added that 'The newly formed group includes a variety of product assortment, selective retail and affordable luxury which is attracting continuously a bigger audience. We are confident that our group will continue its successful path also in the second Half, which is our strongest.'
Its travel goods unit Hellenic Duty Free Shops earlier reported consolidated net profits of 16.9 million euro, sales growth of 90.1 percent to 260.6 million euros, and an EBITDA jump of 49.4 percent to 40.7 million euros, all on the consolidation of Elmec Sport.
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