Aeffe swings to Q1 loss, sales decrease

Image: Moschino SS21 via Catwalkpictures In the first quarter of 2023, consolidated revenues at Aeffe amounted to 93,243 thousand, a 8.2 percent decrease at current exchange and 8.4 percent at constant exchange rates. The group posted a net loss of 330 thousand euros compared to a net profit of 8,943 thousand euros in the first quarter of 2022, recording a 9,273 thousand euros decrease. In the first quarter, consolidated adjusted EBITDA was positive by 12,304 thousand euros, down compared to 20,443 thousand euros last year. Consolidated EBITDA was positive by 11,518 thousand euros with a margin of 12.4 percent on turnover. Aeffe’s sales performance across core geographies The group’s sales in Italy with an incidence of 45.9 percent on turnover, were constant compared to 2022 at 42,757 thousand euros with the wholesale channel recording a decrease of 4 percent offset by 35 percent increase recorded by the retail channel. Sales in Europe with an incidence on turnover of 29.4 percent, increased 13.1 percent at 27,448 thousand euros. The company said in a release that retail shows an 11 percent decrease mainly linked to the closure of the Moschino boutique in London for the renovation works completed in March 2023. In Asia and the Rest of the World, the group achieved revenues of 17,539 thousand euros, with an incidence on turnover of 18.8 percent. At current exchange rates, sales in America, with an incidence on turnover of 5.9 percent, recorded a decrease by 42.9 percent. Aeffe reports drop in Moschino sales In the first quarter of 2023, Alberta Ferretti brand sales increased by 4 percent, generating 7.8 percent of consolidated sales, while Philosophy brand increased by 17.4 percent, generating 6.5 percent of consolidated sales. In the same period, Moschino brand sales decreased by 13.2 percent contributing to 73.5 percent of consolidated sales. Pollini brand increased by 23.1 percent, generating 11.2 percent of consolidated sales, while the other brands sales decreased by 50.1 percent contributing to 1 percent of consolidated sales. The revenues of the wholesale channel, which represents 71.8 percent of turnover, recorded a decrease of 14.3 percent at current exchange rates. The revenues of the retail channel, which represents 25.7 percent of group sales, showed an increase of 22.5 percent at current exchange rates compared to the corresponding period of the previous year. The company recorded 35 percent retail sales growth in Italy and 91 percent in Asia due to the change in the distribution model in China. The revenues for royalties, which represent 2.5 percent of consolidated turnover, decreased by 39.9 percent compared to the same period of 2022.
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