The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Yoox Group, an operator of e-commerce stores for brands from Armani to Zegna, rose in Milan trading after reporting fourth-quarter earnings that beat estimates and forecasting revenue and profit growth this year.
The shares rose as much as 4.6 percent and traded up 4.5 percent at 31.90 euros as of 10:21 a.m., giving the company a market value of about 1.9 billion euros ($2.6 billion).
Quarterly earnings before interest, tax, depreciation and amortization gained 33 percent to 21.6 million euros, the Bologna Italy-based online retailer said yesterday in a statement after markets closed. Analysts predicted 20.6 million euros, according to the average of four estimates.
Yoox is winning orders as consumers search for deals online and increasingly shop for clothing and accessories via phones and tablets. Revenue increased 24 percent to 136.3 million euros in the quarter led by demand in Europe, while Ebitda benefited from more efficient sales and marketing investments and lower costs relating to incentive plans, Yoox said.
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“It is reasonable to expect that the Yoox group will continue to see growth in sales and profits in 2014,” the company said in the statement. “All of the group’s key markets and both business lines are expected to positively contribute to this growth.”
Yoox designs and manages online stores for more than 30 fashion and luxury-goods brands. The company, which operates an e-commerce venture with Gucci-owner Kering SA, also sells third- party products via the yoox.com, corner.com and shoescribe.com multibrand websites.
By: Andrew Roberts; Editors: Paul Jarvis, Robert Valpuesta
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