Business

Folli Follie posts rising profit on tourism, China

by fm

30th March 2012

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1 min read

Greek jewellery retailer Folli Follie Group reported a 7.5% rise in 2011 profit on Thursday as sales in China and a good tourism season at home helped it cope with the country's severe recession.

Folli, which sells jewellery and other accessories at about 800 stores in Europe, Asia and the United States, booked a net profit of 89.5 million euros ($119 million) last year, in line with analysts' average forecast of 90.4 million euros in a Reuters poll.

In 2010, Folli took over Greece's sole duty free shops operator, which is relatively immune to the crisis because its revenues come from tourism.

Folli's sales rose 3.2% to 1.02 billion euros, with duty free revenues increasing by 15% to 291 million.

Revenue from jewels and watches also rose, by 3.6%, with the opening of new stores in China more than offsetting a deep recession in Greece.

The stock has gained about 1% so far this year, underperforming a 10.6% rise for the Athens Stock Exchange.