Armani's Simint returns to profitability for year. (financial report for fiscal year ending April 30, 1996, for company controlled by Giorgio Armani S.p.A.)

Daily News Record, September, 1996

MILAN - Simint SpA, the sportswear manufacturer controlled by Giorgio Armani SpA, is back in the black with consolidated net profits of $3 million (5.4 billion lire) for the fiscal year ended April 30. A year earlier, Simint reported losses of 23.9 billion lire.

Consolidated sales rose 17 percent to $170 million (255 billion lire) from 219 billion lire, due to thriving sales of Armani's jeans lines and knitwear, the company said in a statement.

Operating profits jumped to $13 million (19.7 billion lire) this year from 2 billion lire as year earlier. "These positive results are due to a restructuring plan that began about two years ago. Today, Simint is a leaner, simpler company that focuses chiefly on its core business," the statement said. Simint...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.