The company, known for its quirky advertising campaigns, said net profit came to €18 million (US$24.1 million) for the three months to March, still better than analyst forecasts for €16 million.
Sales slipped 3.4% from a year earlier to €449 million.
Benetton said the first quarter performance reflected the impact of the global slump and a strong euro, which dampened overseas earnings.
In mid-afternoon trade, Benetton shares were down 2.26%, in line with the broader market which was off 2.11%.
For 2008, the company reported a 7.0% gain in net earnings to €155 million while sales rose 4.0% to €2.12 billion.
Source: AFP
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