ITALY: Brunello Cucinelli Q3 profit rises on higher sales
- Q3 profit jumped 37.9% to EUR23.5m (US$31.5m)
- Revenues up 14.3% to EUR251.7m
- Growth bolstered by higher demand overseas
Italian luxury goods company Brunello Cucinelli SpA has reported surging third-quarter profit on the back of higher demand from international markets.
Sales in the US grew 26.4%, while Europe saw sales increase 19.2%. In Greater China, sales were up 16.7% and rose 9.3% in the rest of the world. Domestic sales, meanwhile, fell 2.6% year-on-year.
Retail sales increased 11.6% to EUR29.3m, and wholesale revenues grew 11.6% to EUR29.3m.
Chairman and CEO Brunello Cucinelli said: "We are really pleased with the performance reported by our company over the first nine months of the year; results in economic terms are particularly interesting and we therefore envisage a very positive 2013."
He added that orders for spring-summer 2014 have "gone really well."
He continued: "We feel that we are reaping, step by step, the fruit of major investments in the image of a company operating in the so-called absolute segment of world luxury, whilst at the same time respecting craftsmanship, quality and, hopefully, creativity as well as manufacturing the typical products of our cultural heritage entirely in Italy."
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