The FF Group has announced another strong financial quarter with the release of its Q3 2016 results.
Sales revenue for the company which owns jewellery brands Folli Follie and Links of London, increased by 9.2% to €956.2m. The report states improved performance in all business segments of the group resulted in an increase in operating profits to €169.2m vs €154.6m in the same period last year (+9.5%).
Elsewhere, EBITDA (earnings before interest, taxes, depreciation and amortization) reached €192.3m, up 9.8% on the previous year. Net profits after tax and minority rights were at €112.1m. These results continue the positive trend of the previous quarterly results.
All three of the FF Group’s business segments demonstrated strong operating performances. Revenues from the group’s jewellery, watches and accessories business increased by 9.4% to € 687.1m, while the department store business was up by 7% during the third quarter, equating to € 129m.
Notably, the retail/wholesale of footwear and apparel lead the company’s growth, with an increased revenue of 10.5%.
Chief executive officer the FF Group, George Koutsolioutsos, comments: “We continue to perform well in the markets we operate in despite a very volatile environment. In this respect, and despite the continuing challenges in the external environment (Brexit etc.), all the business units continue to grow successfully and are demonstrating remarkable resilience.”
He continues: “As we have communicated since the beginning of 2016, we are heavily investing in the digital transformation of the Group in order to adapt to the new market & consumer requirements and in order to be ahead of our competitors in this arena. In this context, we are realigning our internal processes as well as organizational and operating model to complement this major transformational change. We are all excited about this development in the Group and we are certain that this will add more value to our employees, shareholders and customers over the years to come”.