BasicNet S.p.A., the parent of the Sebago, Superga, Briko, Kappa, K-Way, Jesus Jeans, and Sabelt brands, has reported that Group consolidated revenues for the 2024 first half amounted to €173.9 million, a 3.4 percent decline compared to €180.0 million in H1 2023.

  • Direct channel revenues declined 2.2 percent to €143.4 million in H1 2024, compared to €146.6 million in 2023, and
  • Royalties from commercial and productive licensees were €29.7 million in H1, down 9.2 percent year-over-year.

Total Aggregated Sales of Group brand products by the Global Network of licensees amounted to €543.7 million, including:

  • Commercial licensees and direct sales declined 1.5 percent to €390.3 million, and
  • Productive licensee sales were €153.4 million in H1, a 5.4 percent year-over-year decline.

Commercial licensee and direct sales grew 6.5 percent to €297.7 million in Europe, which accounts for approximately 76.3 percent of aggregate sales for the Group while reducing the contribution from the other regions:

  • Asia and Oceania declined 23.3 percent to €22.2 million,
  • Middle East and Africa declined 4.5 percent to €41.0 million due to a general contraction in consumption, and
  • The Americas saw a 34.4 percent decline to €29.4 million due to the difficulties of the U.S. licensee and the challenging economic environment in Argentina.

Income Statement Highlights
EBITDA declined 22.2 percent in the first half to €17.6 million, compared to €22.6 million in H1 2023.

EBIT amounted to €8.7 million in H1 (2023:H1 €14.5 million), after amortization and depreciation of €4.5 million and depreciation of right-of-use for €4.4 million, increasing due to the new openings (11 direct sales points), as part of retail segment development.

Net profit reached €2.8 million, compared to €7.4 million in H1 2023.

Balance Sheet Highlights
The net financial position with banks is a debt of €93.1 million (debt of €92.6 million at December 31, 2023), improving from the debt of €97 million at June 30, 2023.

Net financial position was negative €144.8 million at June 30, compared to negative €139.1 million at December 31, 2023.

Outlook
Management stated in a media release that the uncertain and unstable geopolitical and macroeconomic global environment has engendered a general slowdown in consumption, reflected in the Group’s sales.

On the basis of the mono-brand store sales forecasts, the company’s order portfolio, and its forecasted stream of royalties and sourcing commissions, the second half of the year is expected to perform in line with the previous year.

The Group continues to aim at medium-long/term growth, enhancing the brands through solid and well-established distribution, the development of a store network, and constant investments in communication and human resources to support the brands.

Image courtesy Superga