Giorgio Armani: 28% dip in gross operating profit in 2009

Luxury Italian group Giorgio Armani's sales fell 6% last year to 1.5 billion Euros. In China, they have jumped 32%, in line with previous years. The gross operating profit plunged 28% to 218 million, affected by the recession in the U.S. and Japan. But that does not prevent Armani from maintaining solid financial flexibility.

Thus, net cash was up 20% to 447 million "a result of prudent management and carefully analysed investment. Despite the crisis, the luxury label has continued to expand its retail outlets, with 182 openings last year, bringing its network to 1,503 stores.

"The first months of 2010 showed a promising development, says Giorgio Armani, the CEO of the group. We remain focused on the development of our collections and our markets to take advantage of the global recovery. "