Italian clothing retailer Benetton has reported a 38% fall in first-quarter profits, after being hit by a drop in demand and unfavourable exchange rates.
Benetton reported a net profit of 18m euros ($24.5m; £16m) for the January to March period, compared with 29m euros for the same period a year ago.
Net revenue fell 3.4% at current exchange rates to 449m euros.
The firm also said its 2009 Autumn-Winter collection would be delayed, hitting sales in the next three months.
It is reorganising its sourcing, production and shipment schedule for the collection, "delaying the initial seasonal deliveries by a month, and therefore out of the second quarter", the company said.
However, it added that it expected sales to fully recover in the third quarter.
Benetton said its first-quarter results had been affected by "unfavourable euro exchange rate trends with the currencies of emerging countries" and singled out the Korean won, the Indian rupee, the Turkish lira and the Russian rouble.
Last month, vice chairman Alessandro Benetton said 2009 as a whole should be a good year, despite the global recession.