×
By
Reuters
Published
Jul 30, 2015
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Yoox sees business growth in 2015 as it gears up for NAP merger

By
Reuters
Published
Jul 30, 2015

Italy's Yoox said it expected business to grow this year after posting broadly flat first-half core earnings with higher sales offset by rising costs, as the online fashion retailer prepares for a merger with rival Net-a-Porter.


Yoox said earnings before interest, tax, depreciation and amortisation (EBITDA) was 18.2 million euros ($19.86 million), in line with a Thomson Reuters SmartEstimate and up 1.6 percent from a year earlier.

Sales rose 20 percent to 284.6 million euros, with the strong dollar driving North American sales sharply higher. Analysts had looked for 282 million euros in first-half sales. At constant exchange rates, revenue was up 15 percent.

Yoox said its net profit was 0.1 million euros after 5 million euros of extraordinary charges linked to the merger, which is expected to close in October.

Earlier this month, shareholders in Yoox approved its merger with Net-a-Porter, which is part of Swiss luxury group Richemont , in an all-share deal that will create an industry leader in the booming online luxury market. ($1 = 0.9163 euros)


 

© Thomson Reuters 2022 All rights reserved.