Aeffe slides deeper into the loss zone

The Italian fashion group Aeffe SpA suffered significant losses in sales and a high loss in the first nine months of the 2023 financial year. In an interim report published on Friday, the parent company of brands including Moschino, Pollini, Alberta Ferretti and Philosophy di Lorenzo Serafini attributed the weak numbers to the “unfavorable market situation” and the impact of ongoing reform measures.

In the months January to September, the group generated sales of 252.8 million euros, which corresponded to a decline of 8.8 percent (-8.3 percent adjusted for currency effects) compared to the same period last year.

The fashion group reports losses in sales in Europe and America

In Italy, revenues fell by 7.0 percent to 107.9 million euros, while in the rest of Europe they fell by 15.0 percent to 77.9 million euros. The development in America was even weaker. Sales there fell by 30.9 percent (-30.2 percent adjusted for currency effects) to 14.0 million euros. However, things went up in Asia and the rest of the world, where revenues increased by 7.9 percent (currency-adjusted +10.4 percent) to a total of 52.9 million euros.

Earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects amounted to 15.3 million euros in the first three quarters, which was less than half as high as in the same period last year, when it was 37.0 million euros . The bottom line was a net loss of 17.9 million euros attributable to the shareholders. In the first nine months of 2022, Aeffe achieved a surplus of 4.7 million euros.

ttn-12