Armani reported a 20% increase in sales at constant exchange rates in the first half.
After swinging to an operating profit in 2021, Italian luxury house Armani, is seeing revenues return above pre-pandemic levels in the second half of the year.
The group’s revenues “now consistently exceed the levels achieved in 2019, paving the way for a substantial improvement in operating profitability – subject to certain potential risks,” the brand said in a note citing a possible economic downturn caused by the war in Ukraine, new waves of covid-19 and restrictive monetary policies to combat inflation.
Armani says last year’s consolidated net sales were 2.02 billion euros, up 26.3% from 2020. Sales from directly operated stores, which account for more than half of the total, were up 37% from 2020.
The group posted earnings before interest and taxes (EBIT) of €171.2 million, compared to an operating loss of €29.5 million in 2020. “The remarkable growth achieved in 2021, consolidated by the positive performance of the first half of this year, makes me cautiously optimistic,” rejoices Giorgio Armani, chairman and CEO of the group.
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Featured photo : © Giorgio Armani
