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Benetton profits dip

Benetton, the Italian-based fashion label, said profits for the full-year to December 31, 2010 was down on 2009 figures, largely due to rising raw material costs.

The group, which has 35 stores in the UK, reported net income was €102m (£88.5m) for 2010 compared to €122m (£105.9m) in 2009. EBITDA from ordinary revenues was also down at €311m (£270m), compared with €332m (£288m) in 2009.

Benetton said that negative influences on the results were various but included factors such as foreign exchange movements against the Euro and, towards the end of 2010, the first effects of increases in the cost of raw materials.

Total investments in 2010 were €122m (£105.8m) up from €113m (£98m) in 2009, largely due to the development of new flagship stores in major cities including London, Paris and Milan.

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