Liwe profits down 16% in 2016, but sales rise 5%

Fashion group Liwe, owner of Inside, decreased net profit by 16% in 2016 to 5 million euros ($5.2 million), compared with 6.1 million euros in 2015, reported the company to the National Securities Market Commission (abbreviated as CNMV).

Sales increased by 5% to 147.4 million euros ($115 million), compared with 140.5 million euros the previous year, driven by good sales performance at the company’s concessions in Spain and Italy.

Liwe expects this year’s results to be in line with the previous years, with an 8% increase in sales compared with 2016 to reach 160 million euros ($169 million).

The clothing company said its international subsidiaries will probably grow at a faster rate than its Spanish business, as it has already reached an established level of success in this market.

Outside Spain, growth will be driven by Italy, where the company is currently investing. 20 of the 35 stores Liwe plans to open this year will launch in Italy, while Spain will see 10 openings and Portugal 5.