The Italian fashion group Aeffe SpA returned to profitability in the 2021 financial year thanks to a strong increase in sales. After the previous year, which was marked by the effects of the Covid 19 pandemic, business in many important markets had recovered well, the parent company of the brands Moschino, Alberta Ferretti, Philosophy di Lorenzo Serafini and Pollini said on Thursday.
Accordingly, group sales amounted to EUR 324.6 million, which corresponds to growth of 20.6 percent (currency-adjusted +20.8 percent) compared to 2020. Aeffe achieved double-digit growth rates in all market regions: In Italy, sales rose by 15.0 percent to 132.1 million euros, in the rest of Europe by 24.6 percent (currency-adjusted +24.5 percent) to 105.5 million euros. In the Americas, sales reached EUR 21.6 million, exceeding the previous year’s level by 38.6 percent (currency-adjusted +41.4 percent), in Asia and the rest of the world it increased nominally and currency-adjusted by 21.2 percent 65.4 million euros.
The Group was able to increase its profitability disproportionately through targeted cost-cutting measures. Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped from 4.5 to 35.3 million euros. The bottom line was a net profit attributable to the shareholders of 12.1 million euros, after a loss of 21.4 million euros had been posted in the previous year. In 2021, however, the company benefited from a high tax credit: adjusted for special effects, the surplus was 2.6 million euros, the correspondingly adjusted deficit of the previous year was 16.3 million euros.