Italian jeweller Damiani has seen the first signs of recovery in demand and is confident looking ahead to the Christmas period, its chief executive said in a statement as the group reported a jump in interim profits. The company, which promotes its jewellery with movie stars such as Brad Pitt and Sharon Stone, said on Saturday net profit for its first half ending September 30 was 9.6 million euros ($14.26 million), up from 1.8 million a year ago.
Consolidated revenues, including wholesale, were down 15.8 percent at constant exchange rates to 56.3 million euros as retail sales jumped 115.6 percent to 14.7 million euros, helped by consolidation of Rocca stores. Wholesale revenues were down 30.9 percent to 41.4 million euros.
"Despite the continuing uncertain macroeconomic environment, I am satisfied with the actions ... to reinforce our prescence in markets, segments and channels which are important for our future development," Guido Damiani, chairman and chief executive, said in the statement.
"All the above together with a constant attention to further rationalise our production costs and the first signals of recovery in demand registered in October, make me confident for the coming Christmas season," he added. Luxury goods companies have not been immune to falling consumer demand as credit dries up from lenders hurt by the past year's global financial turmoil.
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