The Marcolin Group Posts Gains in Q3 and YTD 2011
| November 14, 2011 12:25 AM |
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MILAN—The Board of Directors of Marcolin S.p.A. [MCL-IT] have approved the interim results of the Marcolin Group for the third quarter and first nine months 2011, ended Sept. 30, 2011.
The Marcolin Group's www.marcolin.com third-quarter results showed sales up by 10.3 percent from €39.7 million in 2010 to €43.8 million in 2011, with a net profit of €1.4 million compared to a loss of €0.4 million for the third quarter of 2010. According to the company, the third-quarter results are affected by the typical seasonality for such period of the year, with slower sales and consequently lower margins due to the larger impact of overheads.
In the first nine months of 2011, the Marcolin Group reported sales of €169.0 million up 8.8 percent from 2010’s €155.3 million The sales performance was enhanced by the success of the brands in the fashion and luxury segment, some of which recorded double-digit growth; the new Swarovski line launched on the market at the beginning of the year was one of the brands contributing to such performance, the company said. The net profit was €17.3 million, compared to €13.9 million for the first nine months of 2010, an increase of 23.8 percent.
"The results for the first nine months of the year are excellent and confirm the effectiveness of the company's strategies and plans,” said Vito Varvaro, CEO of Marcolin S.p.A. “The economic crisis present in Europe leads us to believe that business might slow down in the last quarter, but 2011 will still be another year of record growth in sales and profits for the Marcolin Group."
Net sales by geographic area year-to-date show satisfactory performance in Asia ( up 38 percent), which according to the company represents a strategic market for the group. The rest-of-world segment also achieved growth (up 23.2 percent). Sales in the U.S. rose 2.4 percent, a figure that the company said reflects the unfavorable exchange rate against the Euro. In Europe sales grew by 3.7 percent.