(Alliance News) - Take Off Spa reported Monday that it closed the first quarter with core revenues of about EUR6.2 million, down 25 percent from EUR8.3 million as of March 31.

Parent company Take Off reported revenues of EUR5.3 million, down 21 percent from EUR6.7 million in Q1 2023, while Over Spa reported revenues of EUR900,000, down 43 percent from EUR1.6 million in the previous year.

The group's average selling price is EUR17.1 million, up 28 percent from EUR13.4 million in Q1 2023.

Aldo Piccarreta, president and CEO of Take Off, commented, "The revenue performance in the quarter just ended reflects a decrease, however, this decrease was already anticipated and included in our projections."

"As anticipated in previous communications, the group has initiated a targeted strategy of closing and repositioning stores that are not meeting performance expectations. This strategic decision is an integral part of our commitment to efficient and future-oriented business management."

"Despite the reduction in revenues, we are confident that the implementation of this strategy will enable us to further strengthen our market presence and focus resources on stores that offer the greatest added value for our customers and the group as a whole."

Take Off trades in the green by 1.0 percent at EUR0.80 per share.

By Claudia Cavaliere, Alliance News reporter

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