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Damiani Back in the Black as Boutiques Shine

Jun 16, 2016 11:10 AM   By Rapaport News
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RAPAPORT... Damiani swung to a profit and sales increased in the past fiscal year as a stronger performance by its directly managed boutiques in Italy outweighed a drop in wholesale revenue.

The luxury group reported a net profit of $6.2 million (EUR 5.6 million) for the fiscal year that ended March 31 versus a loss of $3.9 million a year ago.

Total revenue advanced 3.2 percent to $173.2 million. Sales at the boutiques jumped 26 percent, while revenue from the wholesale unit slid 8.5 percent because of a “market contraction in some countries outside Italy, notably in Eastern Europe,” according to a statement. 
Tags: damiani, italy, luxury, Rapaport News, retail
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