Turin, Italy-based BasicNet S.p.A., the parent of the Sebago, Superga, Briko, Kappa, K-Way, Jesus Jeans, and Sabelt brands, has reported that consolidated revenues declined 0.5 percent to €296.1 million in the nine-month YTD period ended September 30. This revenue compares to €297.5 million in the 2023 comparative YTD period. Third quarter consolidated revenues increased 4 percent year-over-year.
- Direct sales amounted to €250.5 million in the YTD period, a 1.1 percent increase compared to €247.9 million in YTD 2023.
- Royalties from commercial and productive licensees were €44.4 million in the YTD period, down 8.1 percent from €48.3 million in the prior-year YTD period.
Aggregate sales of BasicNet owned-brand products were €846.8 million worldwide in the YTD period as follows.
- Commercial licensees and direct sales amounted to €623.6 million in the nine-month period, down 0.2 percent year-over-year from €625.2 million the 2023 YTD period.
- Productive licensees sales were €223.1 million in the YTD period, down 4.3 percent from €233.3 million in the prior-year YTD period.
Commercial licensees and direct sales grew in Europe (+7.3 percent), which accounts for ~76.5 percent of aggregate sales, while reducing in the other regions, including the Americas (-30.9 percent), Asia and Oceania (-24.7 percent), and Middle East and Africa (-5.4 percent), due to a general contraction in consumption.
EBITDA amounted to €40.6 million for the nine-month period this year, compared to €44.7 million in the 2023 comp period, a 9.1 percent decline year-over-year. Third quarter EBITDA grew 4.3 percent year-over-year.
EBIT was reported at €26.9 million for the YTD period, down 16.4 percent from €32.2 million produced in the 2023 YTD period, after amortization and depreciation of €6.8 million and depreciation of right-of-use for €6.8 million, increasing due to the new openings (11 direct sales points), as part of retail segment development. Third quarter EBIT grew 3.4 percent year-over-year.
Net financial position with banks was negative €108.6 million at quarter-end, compared to debt of €92.6 million at December 31, 2023, and improving compared to debt of €125.6 million at September 30, 2023.
Outlook
On the basis of the mono-brand store sales forecasts, the order portfolio and the forecasted stream of royalties and sourcing commissions, BasicNet said the fourth quarter is expected to perform in line with the previous year.
The company said the agreement recently signed regarding private equity firm Permira’s strategic investment in the subsidiary K-Way S.p.A. confirms the effectiveness of its strategy and the willingness to continue supporting the medium and long-term growth.
Image courtesy Sebago/BasicNet S.p.A.
