Profit of Silvano Fashion Group down 4% in a year
24.11.2009, 10:26
Silvano Fashion Group, the second-largest publicly traded Baltic clothing company, said third-quarter profit fell 4 percent on lower demand for lingerie in its key markets and the cost of closing stores.
Bloomberg reported that net income declined to 8.1 million kroons, from 8.4 million kroons a year earlier, the company said yesterday. Revenue fell 23% to 329 million kroons.
Silvano Fashion earns three-quarters of its revenue from wholesale of its Milavitsa and Lauma lingerie brands, mainly in Russia and Belarus.
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The company said it saw demand improving in the quarter compared with the beginning of the year. Silvano Fashion sold the PTA women’s clothing brand to PTA Holding on June 30, contributing toward its loss in the second quarter.