De Rigo Announces Sales Results for the First Six Months of 2004
03 8월 2004 - 8:00PM
PR Newswire (US)
De Rigo Announces Sales Results for the First Six Months of 2004
LONGARONE, Italy, August 3 /PRNewswire-FirstCall/ -- De Rigo S.p.A.
(NYSE:DER) posted net sales of EUR 275.9 m[1] for the first six
months of 2004, an increase of 0.9% as compared with the same
period last year. The sales results confirmed the positive trends
in the Group's current businesses, as comparisons with the prior
year were affected by De Rigo's sale during July 2003 of the
controlling interest in Eyewear International Distribution ("EID"),
a joint venture with the Prada Group. Excluding EID's sales from
the Group's results for the first six months of 2003,[2] the period
on period increase in consolidated net sales was 8.8%. Highlights
of the Group's unaudited sales results for the first six months of
2004 include: - Consolidated net sales increased by 0.9% to EUR
275.9 m, as compared with EUR 273.4 m posted in the first six
months of 2003. Foreign currency translations had a positive effect
of 1.1 percentage points on consolidated net sales[3]. - Wholesale
& manufacturing sales grew by 3.6% to EUR 82.8 m from EUR 79.9
m posted in the first six months of 2003. Excluding sales made to
EID during the first six months of 2003 from the comparison, the
segment's sales increased by 7.1%. - Sales through the retail
companies increased by 8.8% to EUR 198.7 m from EUR 182.6 m in the
first six months of 2003, primarily as a result of positive same
store sales growth at both General Optica ("GO"), the Group's
Spanish retail chain, and Dollond & Aitchison ("D&A"), the
Group's British retail chain. In this release, De Rigo is reporting
net sales and revenues on a consolidated basis, as well as sales
for each of its two principal business segments. In calculating its
consolidated net sales and revenues, De Rigo has eliminated the
intercompany sales among the Group's business segments, as detailed
in the following table: NET SALES BY BUSINESS SEGMENT (Euro in
millions) 1H 2003 1H 2004 1H 2004 1H 2004 Net Net % change Effect
of Sales at % application constant Sales Sales of constant exchange
change exchange rates rates (Non-GAAP) Wholesale & 79.9 82.8
+3.6% 0.1 82.9 +3.8% Manufacturing Retail 182.6 198.7 +8.8% -3.2
195.5 +7.1% - D&A 116.5 127.3 +9.3% -3.2 124.1 +6.5% - GO 66.1
71.4 +8.0% 0.0 71.4 +8.0% Elimination of -8.9 -5.6 -37.1% 0.0 -5.6
-37.1% Intercompany Sales Consolidated net sales excluding sales
through EID 253.6 275.9 +8.8% -3.1 272.8 +7.6% EID 19.8 0.0 0.0 0.0
Consolidated net 273.4 275.9 +0.9% -3.1 272.8 -0.2% sales
Consolidated net sales The Group's consolidated net sales of EUR
275.9 m were broken down as follows: eyewear sales of EUR 129.3 m,
lens sales of EUR 82.8 m, contact lens sales of EUR 38.3 m and
other sales and revenues of EUR 25.5 m, as compared with sales of
EUR 140.1 m, EUR 71.7 m, EUR 36.8 m and EUR 24.8 m, respectively,
for the first six months of 2003. As previously announced, on July
23, 2003, De Rigo sold its 51% interest in EID, the former joint
venture for the marketing and distribution of Prada eyewear, to the
Prada Group. As a consequence of this transaction, EID is no longer
one of De Rigo's business segments, though its results were
consolidated in the De Rigo Group's results for the period through
the date of its sale (including the entire first six months of
2003). As mentioned above, if one excludes sales through EID during
the first six months of 2003 from the period on period comparison,
the Group's consolidated net sales increased by 8.8%. Foreign
currency translation differences had a positive effect on
consolidated net sales, particularly with regard to the translation
into Euro of sales made in Pounds Sterling, as the average exchange
rate for this currency in the first six months of 2004 was more
favorable to the Group than that during the first six months of
2003, with the effect of an increase in the value of the British
currency more than offsetting a decline in the average exchange
rates for Japanese Yen and Hong Kong Dollars. As shown in the table
above, foreign exchange rate differences had a positive effect of
1.1 percentage points on consolidated net sales. Analysing
consolidated net sales by geographic area, net sales in Europe
increased by 2.7% to EUR 247.3 m, primarily as a result of higher
net sales through the retail companies and increased wholesale
sales in certain markets. Net sales in the Americas decreased to
EUR 4.4 m from EUR 7.9 m, primarily as a result of the
deconsolidation of EID. Net sales in the Rest of the World
decreased by 2.0% to EUR 24.2 m, as the deconsolidation of EID was
partially offset by very positive results posted by the Group's Far
Eastern distribution subsidiaries. The overall consolidated net
sales results reflected the contribution of each of the Group's
principal business segments: Wholesale & manufacturing
Wholesale & manufacturing sales grew by 3.6% to EUR 82.8 m from
EUR 79.9m posted in the first six months of 2003. Excluding net
sales made by the wholesale & manufacturing business segment to
EID from the results for the first six months of 2003, the
segment's sales increased by 7.1%, as detailed in the table below:
1H 2003 1H 2004 1H 2004 1H 2004 Net Net % change Effect of Sales at
% application constant change Sales Sales of constant exchange
exchange rates rates (Non-GAAP) Wholesale & 79.9 82.8 +3.6% 0.1
82.9 +3.8% Manufacturing sales - of which sales -2.6 0.0 0.0 0.0 to
EID Wholesale & Manufacturing sales excluding 77.3 82.8 +7.1%
0.1 82.9 +7.2% net sales to EID The increase in wholesale &
manufacturing sales was primarily due to very strong sales results
in certain Far East markets, particularly Japan and Hong Kong, as
well as in several European markets, including Germany, Spain and
Greece. Retail Sales through the retail companies increased by 8.8%
to EUR 198.7 m from EUR 182.6 m posted in the first six months of
2003. The following table sets forth certain data on the sales and
store network of De Rigo's two retail chains: D&A, one of the
leading retailers in the British optical market and GO, the leading
retailer in the Spanish optical market. 1H 2003 1H 2004 30 Jun 30
Jun 30 Jun 03 30 Jun 04 03 04 EUR EUR % Owned Owned Unit Franchised
Franchised Unit in in Change stores stores change stores stores
change millions millions D&A 116.5 127.3 +9.3% 232 232 - 145
141 -4 GO 66.1 71.4 +8.0% 141 146 +5 11 15 +4 Total 182.6 198.7
+8.8% 373 378 +5 156 156 - Retail D&A's sales grew to EUR 127.3
m, an increase of 9.3% as compared with sales of EUR 116.5 m posted
in the first six months of 2003. Sales grew by 6.5% in Pound
Sterling terms, reflecting the increase in its value against the
Euro, while same store sales per working day increased by 7.6%.
Sales of franchised stores during the period grew by 8.4% to EUR
35.1 m; in Pound Sterling terms, sales of franchised stores
increased by 5.8%. The increase in D&A's sales was primarily
attributable to the Company's continuing aggressive marketing
campaigns driving increased sales of higher quality products. At
June 30 2004, D&A operated a network of 232 owned shops and 141
franchised shops. GO grew sales by 8.0% to EUR 71.4 m from the EUR
66.1 m posted in the first six months of 2003. GO continued to
achieve notable sales gains, reflecting a 7.8% increase in same
store sales per working day as well as the expansion of its owned
and franchised store network. At June 30, GO operated a network of
146 owned shops and 15 franchised shops, having opened a net total
of 5 owned shops and 4 franchised shops during the last twelve
months. Ennio De Rigo, Chairman of the De Rigo Group, commented on
the first six months sales results: "Our businesses have enjoyed a
very pleasant 2004 to date. 3.6% sales growth in the wholesale
segment and a 8.8% increase in the retail segment demonstrate the
Group's ability to drive sales. The enlargement of our licensed
brand portfolio with a global brand like Escada will enhance our
position in the premium market. We have just completed the first
step in developing distribution synergies with Viva, and look
forward to continuing to build a closer relationship to create new
value. " De Rigo is one of the world's largest manufacturers and
distributors of premium eyewear, the major optical retailer in
Spain through General Optica, one of the leading retailers in the
British optical market through Dollond & Aitchison and a
partner of the LVMH Fashion Group for the manufacture and
distribution of Givenchy, Celine, Fendi and Loewe eyewear. De Rigo
also manufactures and distributes the licensed brands Escada, Etro,
Fila, Furla, La Perla, Mini and Onyx and its own brands Police,
Sting and Lozza. [1] The Group reports its results in Euro. On
August 2nd, 2004, the Euro/U.S. Dollar exchange rate, as fixed by
the European Central Bank, was EUR 1 = USD 1.2055. The financial
results reported in this press release have not been audited by the
Group's independent public accountants and are presented on the
basis of accounting principles generally accepted in Italy
("Italian GAAP"). [2] Tables detailing the Group's consolidated
Italian GAAP sales results and those of its wholesale &
manufacturing business segment excluding sales made by or to EID
are provided in this release. [3] In addition to reporting its
Italian GAAP results, the De Rigo Group uses certain measures of
financial performance that exclude the impact of fluctuations in
currency exchange rates in the translation of its operating results
into Euro. In doing so, the Group has calculated its sales for the
first six months of 2004 on the basis of the same average exchange
rates used to calculate sales for the first six months of 2003. The
Company believes that these non-GAAP financial measures provide
useful information to both management and investors by allowing a
comparison of sales performance on an exchange rate neutral basis.
See the tables in this release. The De Rigo Group's method of
calculating sales performance excluding the impact of changes in
exchange rates may differ from methods used by other companies.
DATASOURCE: De Rigo S.p.A. CONTACT: For further information, please
contact: Maurizio Dessolis, Chief Financial Officer, Tel
+39-0437-7777, Fax +39-0437-770727, e-mail:
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