Aug 9, 2015
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Piquadro: income up 8% in first quarter

Aug 9, 2015

Piquadro has announced a satisfying first quarter despite the financial crisis in Russia, one of its main markets, and the restructuring of its sales network.

For the first three months of its 2015-16 financial year ended 30 June 2015, the Italian high-tech bag and accessories brand, principally focused on the business and travel segment, saw a net income of €787,000 with an 8% growth compared to the same period a year prior, it said in a press release.

The new Piquadro store in Tehran, Iran

As for the group’s profitability, its EBITDA stands at €1.8 million, just slightly down from the €1.81 million for the same period last year (-1%),while its EBIT dropped 6.4% to €1.22 million.

However, the management team remains optimistic for the coming months, “despite the current context of the rise in production costs due mainly to the appreciation of the dollar compared to the euro,” points out the company.

Outside of Europe, sales for the period jumped 17.8% thanks to the growth of certain markets, such as Iran, where Piquadro has just opened its first store in Tehran, Mexico, China, and South Korea, despite the closure of 7 stores in Asia following the reorganisation of distribution in the region.

However, sales were a bit down in Europe (-4.6%), to €2.37 million, mainly due to the decrease in orders in Russia and Greece, said the company.

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