Preliminary consolidated revenues for 2011 at Benetton reached
EUR 2,031 million (about $2.65 billion or Rs 13,274 crores), substantially unchanged compared with EUR 2,053 million (about $2.68 billion or Rs 13,424 crores) in 2010 (-0.4 per cent currency neutral, -1.1 per cent at current exchange rates).
The Italian retailer found the result achieved in 2011 “positive overall, and demonstrated the capacity of the brands to react and cope with a macro-economic situation which, during the year, was in continuously negative evolution, especially in Southern Europe.”
Soon after news arose on the Benetton family potentially buying the shares of the company that are not still in their hands, the stock rose as much as 12 per cent to 4.14 euros and traded 9.3 per cent higher before being suspended pending the statement.
Benetton jumped 13pc on Monday. Benetton shares have lost 20pc in the past year, cutting its market value to 739.9 million euros (about $967 million or Rs 4,843 crores), published Bloomberg Trading of Benetton shares will resume after a new statement expected tomorrow, the stock exchange said.
Elsewhere, research analysts at Credit Suisse started coverage on shares of Polo Ralph Lauren Corp (NYSE: RL) in a report issued on Monday. They set an “outperform” rating and a $168.00 (Rs 8,415) price target on the stock. Polo Ralph Lauren Corp traded down 0.37 per cent on Monday, hitting $150.96 (Rs 7,561). Polo Ralph Lauren Corp has a 1-year low of $104.12 (Rs 5,215.63) and a 1-year high of $164.55 (Rs 8,215). The stock has a 50-day moving average of $142.8 (Rs 7,113) and a 200-day moving average of $141.6 (Rs 7,063). The company has a market cap of $13.696 billion (about Rs 68,606 crores) and a price-to-earnings ratio of 22.37.
Finally, Abercrombie & Fitch (NYSE:ANF) crossed under its 10-day moving average of $46.16 (about Rs 2,312) on a volume of 1.0 million shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term, as pointed out at Financial News Network Online (FNNO). In the past 52 weeks, shares of Abercrombie & Fitch have traded between a low of $43.56 (Rs 2182) and a high of $78.25 (Rs 3,919) and are now at $45.98 (Rs 2,303), which is 6 per cent above that low price.