Nuance earnings up 21.4% in first half

Gavin Lipsith

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Stefanel Group chairman Giuseppe Stefanel claims that The Nuance Group has showed "important signs of improvement" in the first six months of the year

Stefanel Group has reported the first-half EBITDA at The Nuance Group grew by 21.4% compared to the same period in 2006, reaching €5.1m ($7.02m) for its 50% share of the company. The group reported that sales pertaining to its share of the retailer reached €246.9m ($339.8m), up 1.9%.

The company said that the increased earnings were the result of "significant stability in the proportion of concession costs and the effect of improvements in operations". It also noted that the net loss for its share of the retailer has improved from €5.1m in the first half of 2006 to €3.6m ($4.95m).

Stefanel chairman Guiseppe Stefanel said: "During the course of the half-year, Nuance...showed important signs of improvement in [its] operating performances, making visible the initial results of the turnaround plans launched in previous seasons."