Italian online retailer Yoox had mixed results for its first quarter of 2014, with net turnover up almost 15 % but the profit numbers were hammered.
China on the rise
The turnover increase is because of strong Italian results, alongside excellent European results. Profit plummeted 13.4 % compared to last year and reached 0.9 million euro on the back of technological investments and exchange rate effects. Yoox has assured its investors that it expects further growth for the rest of the year.
The Italian company has invested strongly in China and also expanded its number of brands, which resulted in a 24 % increase in that region. Italy, worth 16 % of total turnover, also managed a 20 % sales increase. The Ukrainian crisis resulted in Russian sales pretty much halting in March, but apparently, that has passed in April.