ARMANI – turnover falls by 6%, while cash reserves grow by 20%
ARMANI Group reported this week a 6% fall in its turnover for 2009 compared to 2008 and an EBITDA of EUR 218 million, 28% lower than in 2008. Mr Armani attributes the negative results to the slow down of the US and Japan, two key markets for the group.
However, the net cash reserves have increased by 20% to EUR 447 million, compared to 2008. The international expansion of the group included 182 new monobrand store openings in 2009, the total number of sales points reaching 1.503. Sales of the group in China grew by 32%.
In the same press release Mr Armani said: ”Our policy focused on development has allowed us to take advantage, in the first months of 2010, of the market recovery and relaunch our growth”.