Folli Follie reports lower Q1 results

Folli Follie Group on Thursday reported a 4.4-pct decline in its first quarter sales to 219.2 million euros, down from 229.4 million euros in the same period last year, while adding that sales abroad accounted for 52 pct of total sales, up from 50.2 pct in 2010.
Net sales for jewelry-watches fell 1.2 pct to 114.3 million euros in the January-March period, retail travel sales rose 1.0 pct to 39 million euros, net sales in department stores dropped 7.5 pct to 33.7 million euros and net sales for clothing/footwear fell 19.5 pct to 30.4 million euros.

Gross earnings fell 8.6 pct to 106.8 million euros, EBITDA dropped 20 pct to 43.5 million euros and EBITDA margin eased to 20 pct in the first three months of 2011 from 23.7 pct in 2010. EBIT dropped 23 pct to 37.5 million euros and net earnings after tax and minorities eased to 22.9 million euros from 29.1 million euros in 2010. Earnings per share were 0.38045 euros.

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