Sportswear group BasicNet posts booming €10.4 million profit in H1

Italian sportswear group BasicNet, owner of several labels including Robe di Kappa, Superga, Jesus and KWay, closed H1 2019 with aggregate sales for its brands up 21.6% to €484 million, and a consolidated revenue rising by 48.6% to €137.8 million.

Operating income improved by 43.8%, reaching €14.6 million, while the group’s consolidated net income rose by a whopping 60.2% to €10.4 million.

In a press release, the group indicated that, for the full financial year, “based on the orders received and thanks to the expected inflow of royalties and sourcing commissions, [BasicNet expects] that the second half of the year will confirm the positive trend in the results of [the group’s] ordinary business.”

However, according to BasicNet, this forecast “is still influenced by the general trend of the markets in question, over which there remains a shadow of economic and political uncertainty which reflects on the propensity to consume and on currency fluctuations.”