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Damiani S.p.A. witnesses sales slipping in Italy
Wholesale revenues dip by 13 percent
By: Diamond World News Service
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Aug 10 2008 7:14PM
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Reference: 2926  

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Damiani S.p.A. has witnessed a mixed bag of revenues in the first fiscal quarter ending June 30, 2008. Although its major market Italy, which accounts for 67 percent of the company’s market showed a fall in revenues.

Sales in the country fell by 16.4 percent amounting to EUR 26.42 million ($39.64 million,). In America too, sales dipped by 2.2 percent to EUR 2.23 million ($3.35 million.), but Asian markets like Japan showed an increase of 18.5 percent to EUR 2.22 million ($3.3 million) and in the rest of the world revenues also rose by 17.8 percent to EUR 8.23 million ($12.35 million), mainly attributed to the positive trend in Russia and in the former Soviet Republics market.

The company’s net profits in the said period declined by 40 percent to EUR 2.1 million ($3.15 million,) while EBITDA (earnings before interest, taxation, depreciation and amortization) slipped 43.75 percent to EUR 4.5 million ($6.75 million). The overall revenues also slipped by 22.3 percent to EUR 39.2 million ($58.82 million), mainly due to the fall back of sales in Italy. Revenues from the company’s retail unit scaled up by 16.6 percent, while its wholesale business (accounting for 87 percent of the total business) saw a decline of 13 percent.

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