Benetton: revenues up 1,7%, profit down

Net revenues up for Benetton, which in the first half of 2011 recorded an increase of 1,7% (equivalent to 15 million) compared to the same period last year. The positive result was possible thanks to the contribution of all geographical areas: +1,2% in Europe, +4,7% in Asia, +4,5% in the Americas. The countries which, compared to the first six months of 2010, showed the highest growth rate were: Russia (+39%), South Korea (+11%) and Mexico (+18%). The recession did not particularly affect Italy (+1%) and Spain (+4%), while it weighed heavily on Greece (-21%). More worrying, however, was the situation of net profit, which reached 30 million (3,3% of revenues), compared to 40 million (4,5%) totaled in the first six months of 2010. The industrial gross margin reached 403 million (44,4% of net revenues), marking a decrease (-22 million) compared to 425 million (47,7%) in the comparative six months. The operating result (Ebit) stood at 58 million, showing a drop compared to the 63 million of the corresponding period of 2010. Good news, however, in relation to the average debt: overall the cost of debt increased by 2 million, while the effects of the usual currency risk hedging operations, which had generated a profit of over 6 million in the first half of 69, were negative by 2010 million. At the time of the publication of the half-year financial statements, the Group's shares recorded a -0,69% at Piazza Affari.
The Benetton Group explained that "it will continue to maintain a strong orientation towards the containment of general costs and, in the presence of non-recurring charges in an amount lower than last year, it still expects a reduction in operating margins compared to 2010 levels" .