Market watchers say Yoox SpA is on the path to accelerated growth and it hasn’t even tapped into the monetary possibilities of its much heralded merger with luxury e-tailer Net-A-Porter.
In Q2, Yoox Group’s founder and CEO Federico Marchetti said the company, which has partnerships with popular fashion and luxury brands and mega-luxury firm Kering, saw acceleration in revenue growth driven by Europe and Asia Pacific and supported by FX tailwinds.
For the first half of 2015, the group reported double-digit percentage growth in both its earnings and revenues but it’s second quarter wasn’t as glittering with a consolidated net loss of 1.1 million euros or $1.2 million. Adjusted, however, its net income for the quarter remained in the positive. The firm said its results reflect higher sales and marketing costs as a percentage of revenues and “a greater weight of general expenses to strengthen the corporate culture in light of its recent merger.”
Net Income: The company said, after non-recurring items, its consolidated net income for the second quarter declined more than 100 percent to a net loss of 1.1 million euros, or $1.2 million, compared to a consolidated net income of 1.6 million euros, or $1.8 million, in the comparable quarter.
Net Revenue: Net revenues for the second quarter rose 23 percent to 137.3 million euros, or $151.8 million, compared to 111.5 euros, or $123.3 million, in the same year-ago quarter.
Adjustments: The firm said its adjusted net income, excluding amounts related to the Net-A-Porter merger, came in at 1.4 million euros, or $1.5 million, compared to 1.6 million euros, or $1.8 million, in the same quarter of 2014.