MILAN (Reuters) – Italy’s Armani said on Thursday that sales jumped 18% in the first quarter thanks to a rebound in Asia and more modest growth in the United States, where a slowdown is expected in the coming months.

The privately-owned luxury group added that its 2022 full year revenues were up 16.5%, boosted by sales in Europe and the United States, to 2.35 billion euros ($2.59 billion).

The Milan-based group’s operating profit rose 30% in 2022, to 202.5 million euros.

(Reporting by Elisa Anzolin, editing by Alvise Armellini)