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Damiani Revenue Up Amid Retail Growth

Jan 23, 2018 4:25 AM   By Rapaport News
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RAPAPORT... Damiani Group saw sales edge up in the fiscal first half as the Italian jeweler expanded its retail business in markets outside its home country.

Total revenue climbed 0.2% to $85.7 million (EUR 69.9 million) year on year in the six months that ended September 30, the company reported last week. Retail sales increased 11% to $46.7 million (EUR 38.1 million), outweighing a 10% slide in wholesale revenue.

Damiani has stepped up its focus on the retail sector in a bid to move its business closer to end consumers, especially those outside Italy, it explained. As a result, the unit’s revenues have increased to 54% of the group’s total for the first half, compared with 49% a year earlier. By contrast, the wholesale business has weakened due to cautious sentiment among buyers in Italy, the company added.

The retail gains, mainly in Asia, drove a 13% rise in overseas revenue to $30.3 million (EUR 24.7 million). Italian sales dropped 6% to $55.4 million (EUR 45.2 million), reflecting the weaker wholesale demand.

However, the costs of the global expansion have had a negative impact on Damiani’s bottom line, it noted. The group’s net loss widened to $6.5 million (EUR 5.3 million) from $1.3 million (EUR 1.1 million) a year ago. The company expects to see a greater return on its investments in the second fiscal half, as that period — covering the holiday season — is traditionally strong for sales, it predicted.
Tags: asia, damiani, Damiani Group, italy, Jewelry, Rapaport News, retail, wholesale
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