Stefanel S.p.A. announced earnings results for the second quarter and first half of 2014. In the second quarter of 2014, adjusted earnings, before interest, tax, depreciation and amortisation (EBITDA) came in at EUR 600,000 compared with a loss of EUR 3.8 million for the second quarter of 2013.

The company reported a net loss of EUR 5.5 million (USD 7.4 million) for the first half of 2014, down from a EUR 16-million loss for the same period last year, explaining the reduced loss with the effects of corporate reorganisation. Net sales fell to EUR 78.5 million from EUR 84.3 million, following the closure of non-profitable stores. Net financial debt inched up to EUR 76.5 million at the end of June 2014 from EUR 75.6 million at December 31, 2013. Adjusted gross operating loss dropped to EUR 200,000 from EUR 7.5 million.