For the first time since the merger, Yoox Net-A-Porter Group released pro-forma financial results for the first nine months of the year, showing growth in both profits and revenues.
Adjusted net profits jumped 50.4 percent, to 32.4 million euros, or $36 million, compared with 21.5 million euros, or $29 million, in the first nine months of 2014. Excluding 6 million euros, or $6.6 million, of non-cash incentive-plan costs net of their related tax effects, profits almost quadrupled, to 26.4 million euros, or $29.3 million, compared with 6.7 million euros, or $9 million, in the first nine months of 2014.
In the period ended on Sept. 30, revenues climbed 32.2 percent, to 1.2 billion euros, or $1.3 billion, compared with 894.1 million euros, or $1.2 billion, last year. At a constant exchange rate, sales grew 21.5 percent.
“Our integration work is progressing very well, and Yoox Net-a-Porter Group is exceptionally positioned to deliver on its significant potential,” said CEO Federico Marchetti. “ The synergies of the merger have exceeded our expectations and, based on the detailed work of our teams, we have raised our target from 60 million to 85 million euros [$66.6 million to $94.3 million].”
Marchetti added that the results are a “testament to the strategic rationale of this game-changing merger.”
One of the effects of the merger is that by the end of the spring 2016 season, customers clicking on Thecorner.com and Shoescribe.com will be redirected to the group’s other multibrand online stores.