(Alliance News) - Gismondi 1754 Spa reported Thursday that it recorded an 8 percent year-on-year decline in sales in the third quarter, to EUR2.4 million from EUR2.6 million in the same period last year.

The decline in the third quarter compared to the same period in 2022 was caused by both a 44 percent year-on-year decline in the retail market and a 22 percent drop in sales in the Europe wholesale channel and a 32 percent drop in sales in the U.S. wholesale channel. However, all of this is partly offset by growth in Special Sales, up 74% from the third quarter of 2022.

In the first nine months, however, revenues increased by 7 percent to EUR10.3 million from EUR9.6 million.

Analyzing revenues by geographic region, as of September 30, the proportion of revenues accounted for by the Italy region increased to 39 percent and the U.S. region to 27 percent of revenues from 22 percent in the previous period. The company reported growth in Other Countries, an item that accounts for 16 percent of revenues compared to 9 percent in the third quarter of 2022, particularly with good performances coming from Sweden, Brazil, Israel, Qatar, and Hong Kong. On the other hand, there is a drop in the incidence for Switzerland by 15 percent and the Czech Republic by 5 percent.

Massimo Gismondi, CEO of Gismondi 1754, said, "Despite the difficult economic moment caused by exogenous elements with respect to the company-I am referring to the continuation of the Ukrainian conflict and the economic and social instability at the global level-I can note that thanks to the special business model that has already supported us during the pandemic-our relationship of great closeness to the end customer-we can present a result in a positive sign that gives us hope, but with the necessary caution, in the results for the end of the year."

Gismondi 1754's stock closed Thursday unchanged at EUR4.54 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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