The Italian luxury leather goods maker said its loss before interest and tax narrowed to €2.7 million ($3.19 million) in the first six months of the year from €94.1 million a year ago.

“The increase in volumes and the quality of revenues, together with the careful control of overhead costs, will allow us to achieve a gradual improvement in margins,” Chairman and main shareholder Diego Della Valle said in a statement.

The Italian group said sales had risen to €398 million in the first half, slightly above analyst forecasts of €389 million.

Source: Nasdaq