(Alliance News) - Gismondi Spa on Monday released its consolidated operating sales results for the fourth quarter, which amounted to EUR3.8 million, down 15 percent from EUR4.4 million in the same period of 2022.

The drop, the company explained, was mainly attributable to a decline in sales on wholesales Europe in the period and special sales, which had performed well in previous quarters.

Total revenues for 2023, on the other hand, amounted to EUR14.3 million and were in line with the previous year's result of EUR14.0 million.

Europe wholesale sales as of Dec. 31 showed a 29 percent growth over 2022 to EUR4.0 million from EUR3.0 million. In the U.S. wholesale market, annual sales increased to EUR2.2 million from EUR1.8 million, up 18 percent. "Great positive signal," the company writes, comes from the Doha franchise, which opened on December 21, recorded sales of EUR463,714.

"The fourth quarter results in addition to the third quarter results offset the good performance of the first two," the statement reads.

Massimo Gismondi, CEO of Gismondi 1754, commented, "2023 basically confirms the excellent result of the previous year in a difficult general scenario. The already unstable geopolitical situation, worsened with the Hamas-Israel conflict, and the recent developments in the Red Sea. We also witnessed a counterbalance of what many analysts have called Revenge Shopping, or the optimism that led to an exciting post-Pandemic shopping spree."

"Although we have not repeated the revenue growth of recent years," Gismondi continues, "I see 2023 as a key year in the development of our group. An importance given by the preparation of a fertile ground to look to the future with confidence and solidity. The purchase of the Vendorafa brand, the Hyperion Lab factory and the opening of our franchise in Doha are in fact all bright flashes that illuminate our path. Positive signs that we are also seeing these days in the interest shown at VicenzaOro for our two brands Gismondi 1754 and Vendorafa."

Gismondi's stock on Monday closed in the green by 1.8 percent at EUR4.50 per share.

By Chiara Bruschi, Alliance News reporter

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