BasicNet S.p.A., the parent of the Sebago, Superga, Briko, Kappa, K-Way, Jesus Jeans, and Sabelt brands, reported preliminary results for 2023, indicating that consolidated revenues rose 2.7 percent to €396.8 million for the year, compared to €386.1 million in 2022.
- Direct sales increased 6.4 percent to €332.8 million in 2023, compared to €312.7 million in 2022.
- Royalties from commercial and productive licensees fell 13.9 percent to €62.3 million in 2023 from €72.3 million in 2022.
Aggregate sales of Group brands products by the Global Network, which generates the royalties and license revenues, declined 10.4 percent to €1.14 billion, compared to €1.27 billion in the prior year.
- Commercial licensees and direct sales declined 9.1 percent to €820.0 million for the year from €902.0 million in 2022.
- Productive licensee sales were down 13.5 percent to €321.0 million, compared to €371.1 million in 2022.
- Sales of third-party commercial licensees declined due to an adjustment of consumption in some markets, which had seen exemplary growth in the preceding year. Meanwhile, sales reportedly grew on directly managed markets in Italy, France and Spain.
Aggregate sales of Group brands in Europe declined 3.5 percent to €591.1 million in 2023, representing 72.1 percent of the total Aggregate numbers.
Sales in the Middle and Africa were down 4.4 percent to €99.1 million for the year, while sales in the Americas fell 35.4 percent to 73.9 million, and sales in the Asia and Oceania region fell 22.0 percent to €55.9 million.
At year-end, the Middle East and Africa represented 12.1 percent of total Aggregate sales, the Americas region contributed 9.0 percent for the year, and Asia and Oceania delivered 6.8 percent of the Aggregate sales total.
EBITDA was €58.1 million for the year, down 4.6 percent from the €60.9 million EBITDA in 2022, as increased investments in sponsorships and communication and human resources were said to confirm the continued commitment to the consolidation and development of the brands.
EBIT was down 10.9 percent to €41.1 million in 2023, compared to €46.1 million in 2022, after amortization and depreciation of €8.9 million, increasing versus 2022 as BasicVillage Milano becomes fully operational and depreciation of right-of-use for €8.1 million, which was reportedly due to the new opening of 11 direct points of sale as part of the retail segment expansion.
The company said it narrowed its net financial position at year-end to a negative €139.1 million, compared to a negative €141.7 million on December 31, 2022. The net financial position with banks was negative €92.6 million, compared to negative €93.9 million at December 31, 2022. The company distributed dividends of approximately €9 million in 2023 and acquired treasury shares for €2.5 million.
“After last year’s record results, also achieved thanks to the increased scope of direct distribution, the Group has further grown in revenues, consolidating the commercial success of its brands,” stated company CEO Federico Trono. “Investments in communication have been intensified, and new professionals have been hired in the commercial and retail areas, with the goal of boosting development over the coming seasons. The 2023 results are particularly satisfying as achieved within a highly complex economic and sociopolitical environment. We, however, continue to target further growth.”
Image courtesy BasicNet/Superga