Greek retailer Folli profit soars on robust Asia (updated)

Folli Follie SA

28/08/2014 16:20

* H1 EBITDA 116.5 million euros vs year-ago 89.6 mln 
    * Sales rise 10 percent to 479 million euros 
 
 (Adds sales, details) 
    By Angeliki Koutantou 
    ATHENS, Aug 28 (Reuters) - Greece's biggest jewellery 
retailer Folli Follie  HDFr.AT  reported a 30 percent rise in 
first-half core profit, helped by robust growth in its Asian 
business and a gradual recovery in consumer morale in its 
crisis-hit home market. 
    Earnings before interest, tax, depreciation and amortisation 
(EBITDA) rose to 116.5 million euros ($153 million) in the first 
six months of the year from 89.6 million in the same period last 
year, the company said on Thursday. 
    Greece's retail market has shrunk by about 30 percent since 
its peak in 2008, the year before a debt crisis plunged the 
economy into a six-year recession, due to austerity measures 
imposed under a 240 million euro international bailout.   
    Folli, which sells jewels in more than 28 countries in 
Europe, Asia and North America, has fared well thanks to its 
fast-growing Asian operations, accounting for about two thirds 
of its annual revenue.  
    Chinese conglomerate Fosun International  0656.  holds a 
13.9 percent stake in Folli, according to Reuters Eikon data.  
    Net profit plunged to 66 million euros from 239.6 million a 
year ago. Last year's first-half results included a hefty 
one-off gain from the sale of a 51 percent stake in its domestic 
duty-free business to Swiss travel retailer Dufry  DUFN.VX . 
    Folli's sales rose 10 percent to 479 million euros, helped 
by improving consumer demand at home where it also sells luxury 
brands and operates department stores. The Athens-based IOBE 
think tank expects the economy to grow moderately this year and 
consumption to rise by 1 percent.  ID:nL6N0PY2DI  
    Shares in Folli have gained 26 percent so far this year, 
outperforming the Athens bourse index  .ATG  which is flat. 
(1 US dollar = 0.7596 euro) 
 
 (Editing by Renee Maltezou and David Holmes) 
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436; 
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net)) 
 
Keywords: FOLLI RESULTS/