Aug 6, 2010
Yoox H1 net doubles, confirms positive outlook
Aug 6, 2010
MILAN, Aug 5 (Reuters) - Italian online fashion retailer Yoox (YOOX.MI) confirmed expectations for a profit increase in the second half of 2010 on Thursday, as more shoppers are snapping up high-end clothes from their homes.
Net profit more than doubled to 3.3 million euros ($4.33 million) in the six months to the end of June, helped by a strong performance in all key markets.
"It is reasonable to assume that the group can confirm an increase in net revenues and profitability compared to the second half of full-year 2009," the company said in a statement.
Yoox powers sites for fashion groups such as Valentino and Emporio Armani alongside its own multibrand websites.
Net revenues jumped 39.2 percent to 46.3 million euros in the second quarter, above expectations of 45.77 million euros forecast by three analysts polled by Reuters I/B/E/S.
The average number of monthly unique visitors grew 34 percent to 8.1 million users in the six months.
First-half revenues were 96.6 million euros, up 41.4 percent, while second-quarter net profit came in at 1.4 million euros, up 27.2 percent.
British rival ASOS (ASOS.L) reported a 54 percent rise in first-quarter sales, confirming a potential for growth also seen at other online retailers such as Net-a-Porter (CFR.VX).
Yoox shares were up 1.57 percent at 6.45 euros, outperforming a slightly negative Milan market index. .FTITLMS
(Reporting by Antonella Ciancio, Editing by Mike Nesbit) ($1=.7620 euros)
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