MILAN — Valentino Fashion Group forecast an uncertain and difficult year ahead, after operating profits fell 7 percent in 2008, but remains confident in its medium-term growth prospects.
The group, which owns Valentino and Hugo Boss and operates under license Marlboro Classics and M Missoni, said on Friday that operating profits for the 12 months through Dec. 31 decreased to 248.3 million euros, or $365.3 million. VFG did not disclose net earnings.
Consolidated turnover for the year rose 3 percent to 2.21 billion euros, or $3.25 billion. Earnings before interest taxes depreciation and amortization fell 3 percent to 320.4 million, or $471.4 million, adjusted for one-off costs related to management changes at Hugo Boss and group reorganization.
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