Aeffe SpA, a fashion and luxury goods company, reported 23.1 per cent sales decline to €206.8 million in its third quarter (Q3) YoY for FY20 ended on September 30, 2020 compared to sales of €269.0 million in same period prior year. Group incurred a net Loss for the nine months period of €13.9 million compared to the net profit of €13.5 million in Q3 FY19.
“In a market characterised by a generalised contraction in consumption and a prudent stance, we positively evaluate the improving trend of the business in the third quarter of the year, which, along with the benefits of the actions taken to support the economic and financial soundness of the group, is reflected in the results of the first nine months,” Massimo Ferretti, executive chairman of Aeffe Spa, said in a press release.
Sales in the Italian market decreased 21.8 per cent to €97.9 million (€125.1 million) driven by both the retail and wholesale channels, due to the sharp decline in tourism flows following the stringent measures to contrast the spread of the pandemic. While in Europe, revenues remained stagnant at €61.0 million (€62.3 million). In Asia and rest of the world, Aeffe’s sales slipped 41.7