Global Brands Group hits target, despite drop in revenue
Global Brands Group Holding Limited, one of the world’s leading branded apparel, footwear, fashion accessories and lifestyle product companies, on Thursday announced high earnings and target margins for 2015, despite a fall in the group’s turnover.
Its second interim results for the 12 months ended December 31, 2015, saw total margins continue to grow reaching US$1,170 million. Total margin grew as a percentage of turnover to 34.2 percent, achieving its Three-Year Plan target one full year in advance.
Though the group’s turnover was impacted by a decrease in the Euro exchange rate and an unseasonably warm winter in North America, overall turnover held up at US$3,423 million. A decrease from US$3,454 million for the same period seen in 2014.
Core operating profit increased by 10.5 percent, while net profit for the period was up 11.9 percent, as compared to the same period last year.
“The financial performance we achieved for 2015 despite a challenging market environment is a testament to the resilience of our business model and the strength of our brand portfolio,” Bruce Rockowitz, Chief Executive Officer and Vice Chairman of Global Brands Group Holding Limited, says in a statement. Further stating; "Going forward, we see many exciting opportunities for our Licensed and Controlled Brands segments and a strong pipeline of licensing deals to drive the continued growth of Global Brands."
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