Armani sales recover with 34% rise in first half after CoronaVirus pandemic
MILAN (The HQ News) – Giorgio Armani (the italy based fashion group) sales rise 34% in the first half of 2021 after increased sales in China and the United States recovering from the long CoronaVirus pandemic caused recession.
Analysts predict Armani may take another year to fully recover from the pandemic caused recession i.e. pre-pandemic sales levels estimated to over 2 billion euros in direct consolidated revenues.
Armani’s financial team said consolidated net sales had fallen 25% last year to 1.6 billion euros ($1.9 billion), with most of the decline occurring in the first half of 2020.
The group made a consolidated net profit of 90 million euros, while incurring operating loss (EBIT) of 29 million euros during entire year 2020.