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| Benetton sales up 2% in emerging markets in Jan-March |
| Press Trust of India / New Delhi May 12, 2009, 14:20 IST |
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Italian fashion apparel footwear and accessories company Benetton Group today announced 2 per cent growth in sales in key emerging markets, including India, during the first quarter of 2009.
The company reported a global net income of euro 18 million (Rs 120 crore) during the first quarter of the year, a decline of 38 per cent over the euro 29 million (Rs 193.7 crore) during the corresponding period of last year, Benetton Group said in a statement.
"Emerging markets grew, at constant exchange rates, by 2 per cent. India, in particular, showed increased growth, there was a slowdown in performance in the Russian area, also associated with the fall in value of the local currency, while Turkey showed some growth," it said.
Benetton also reported a decline of 3.5 per cent in net revenue during the first quarter of 2009 at euro 449 million (Rs 2,999 crore), down from euro 465 million (Rs 3,106 crore) during the corresponding period of 2008.
Regarding the fall, the company said: "The reference market in the first quarter of 2009 was influenced by the cooling in demand, in a context of general weakness in the world economy and unfavourable Euro exchange rate trends with the currencies of emerging countries, in particular the Korean Won, the Indian Rupee the Turkish Lira and the Rouble."
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