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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 11:25

H1 profit of Silvano grows by nearly half on year

BC, Tallinn, 13.08.2018.Print version
Profit of the listed Estonian lingerie seller Silvano Fashion Group increased by nearly a half in the first six months of 2018 and the company's revenue also grew, informs LETA/BNS.

Photo: silvanofashion.com

The company's revenue in the first half-year of 2018 totaled 33.5 mln euros, compared with 32.8 mln euros from the same period in 2017, which means that growth was 2.2%, it can be seen from the company's interim report.


The company's net profit soared 47.6%, from 5.7 mln to 8.4 mln euros.


The company's biggest market is still Russia, which contributed 61% of the revenue and where sales grew 12.2% to 20.6 mln euros, while in rubles revenue grew 29.6%. The Russian subsidiary opened four new stores in the first half of 2018 and the number of the company's stores in the country is now 40.


"The group will continue opening its own stores. In addition to growing sales and better control of the market, this allows further development of the retail concept of the group's brands to make it more attractive for us and our franchise retail partners," the management board said.


In Belarus the company's revenue was 8.1 mln euros, which is 13% less than in the same period in 2017. Calculated in Belaruian rubles, sales grew 2.2% on year. Sales on the Ukrainian market grew 9.5% to 1.7 mln euros, while in Ukrainian hryvnias revenue grew 18%.


Silvano's wholesales increased 3.5% during the six-month period to 23.3 mln euros and retail sales inched down by 0.1% to 10.2 mln euros. Wholesales amounted to 69.5% and retail sales 30.5% of total sales.


Silvano Fashion Group AS is a holding company that controls a group of enterprises involved in the design, manufacturing, wholesale, franchise and retail sales of ladies' lingerie.

 






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