First quarter 2001 results approved by the Benetton Board

Revenues up 8.5 per cent. Clothing volumes + 12%, normalized net income stable

Ponzano, 14th May 2001 – Notable increase in turnover, up by 8.5 per cent, and in clothing volumes, 12 per cent higher; normalized net income stable compared with the previous year: these are the most significant results of the Benetton Group for the first quarter of 2001, approved today by the Board of Directors.

Revenues for the first quarter of 2001 rose to 465 million euro from 428 million in the first quarter of the previous financial year. Of particular interest was the increase in the casual-wear sector, 12 per cent up in terms of volume and 10 per cent in value. The sports division showed more-or-less stable turnover of 90 million euro, compared with 95 million euro in the first quarter 2000. In particular, growth was registered in the winters sports equipment and sportswear sectors, while in-line skates registered a downturn in revenues.

Group net income was around 18 million euro in the first quarter of the year which, eliminating extraordinary expense of 5 million euro, would have been 23 million euro on a normalized basis, in line with the corresponding normalized result for the first quarter of 2000 (22.6 million euro).

Gross margin was 199 million euro, stable since the same quarter in the previous year, with a percentage of turnover reflecting the competitive policy of the Group. Self-financing of the quarter grew to 69 million euro, compared with 25 million in the first quarter 2000.

The results achieved make it possible to forecast that Group revenues for the twelve months will increase by around seven per cent compared with those of 2000. Net income is expected to be higher than the normalized income achieved in 2000.

During the Board Meeting, Luigi de Puppi, already nominated as Board member by the Stockholders’ Meeting on May 8th, assumed the position of Managing Director.

 

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First quarter 2001