Aug 7, 2020
Moschino, Ferretti parent sees lower sales, swings to net loss
Aug 7, 2020
Aeffe SpA reported a 31.4 per cent sales decline to €118.9 million in its first half ended on June 30, compared to sales of €173.3 million in the same period last year. The group also incurred a net Loss for the six-month period of €10.9 million compared to net profit of €5.1 million in H1 FY19.
“The Covid 19 pandemic impacted on the results of the first half of 2020 causing a generalised drop in consumption. The group has implemented actions such as the expansion of the outsourced production base to ensure the punctuality of the deliveries of the F/W 2020 collections and has developed an advanced “virtual showroom” to present the new collections remotely to buyers and sector operators unable to travel,” Massimo Ferretti, executive chairman, said in a press release.
Wholesale revenue fell 28.3 per cent to €86.7 million and retail sales fell 41.3 per cent to €27.1 million, while EBITDA for the period fell to €0.6 million at the company that owns the Alberta Ferretti and Moschino labels, among others.
In H1, sales in the Italian market decreased 34 per cent to €52.7 million, the fall being driven by both the wholesale and retail channels, which both suffered from the rigid measures to restrict the spread of the pandemic.
In the rest of Europe sales dropped 4 per cent to €37.1 million. Sales in Asia and rest of the world slipped 45.2 per cent to €24.9 million and sales in America during H1 plunged 55 per cent to €4.1 million.
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