MILAN, Italy — Sales at Italian fashion group Giorgio Armani returned to growth in 2019, a year in advance of its target, after a three-year planned fall from streamlining its distribution and brand portfolio under just three labels.

The luxury group said on Friday it was not yet possible to accurately estimate the impact of the Covid-19 pandemic, which has severely hit the whole industry this year but said it had the resources to cope with uncertainties.

Net sales grew 2.3 percent to €2.158 billion ($2.44 billion) last year, thanks primarily to the 7 percent increase in comparable sales in the directly managed store and e-commerce network.

Overall 2019 revenues, including licences, rose by 9 percent to €4.157 billion.

Earnings before tax declined around 12 percent to €175 million  and net earnings totalled €124 million.

The group had strong liquidity of €1.2 billion at the end of last year compared to €1.3 billion in 2018.

By Claudia Cristoferi; editor: James Mackenzie.