Folli-Follie Posts 7.5% Gain in 2011 Profit on Travel Retail
Folli-Follie Group, a Greek manufacturer and retailer of handbags and other accessories, posted a 7.5 percent rise in profit as sales from travel retail increased.
Net income increased to 89.5 million euros ($118.7 million) from 83.3 million euros, according to an e-mailed statement from the Athens-based company. Sales rose 3.2 percent to 1 billion euros.
“We are fully satisfied,” Chief Excutive Officer George Koutsolioutsos said in the statement. “Travel retail activity exceeded even our most optimistic expectations by delivering its historical best performance” and revenue in China increased as Folli-Follie expanded its network in the country.
Travel retail revenue, from duty free stores at ports and airports, rose 15 percent to 291 million euros, the company said in the statement.
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