Giorgio Armani 2009 Earnings Decline 28% as Fashion Company's Sales Fall
Giorgio Armani SpA, the Italian fashion company whose clothes are worn by celebrities including Gemma Arterton and Ricky Martin, said profit fell 28 percent last year because of the recession in North America and Japan.
Earnings before interest, taxes, depreciation and amortization fell to 218 million euros, the Milan-based company said today in an e-mailed statement. EBITDA was 303.2 million euros in 2008, the company said. Consolidated sales in 2009 declined 6 percent to 1.52 billion euros, Armani said today. The company didn’t disclose net income.
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