Moncler in H1 profit and sales hike
- H1 profit jumps 88% to EUR34m
- Revenues increase 35% to EUR295.8m
- Company expects continued growth
Moncler's sales growth was driven by the Americas and Asia
Italian luxury fashion group Moncler has reported an 88% hike in first-quarter net profit, thanks to solid retail sales growth, especially in the Americas and Asia regions.
Net income reached EUR34m (US$37.3m) for the six months to 30 June, compared to EUR18.1m in the same period of last year. Gross margins improved to 72.7% from 71% in the prior year.
The company said growth was partly attributable to the appreciation of some important currencies in which the group operates.
Revenues jumped 35% to EUR295.8m from EUR218.3m a year ago. In the Americas, revenues soared 98%, Asia and the rest of the world was up 54%, while EMEA and Italy saw respective year-on-year increases of 20% and 8%.
Retail revenues jumped 65% to EUR201.4m, due to solid organic growth and the continued development of Moncler's network of mono-brand retail stores. Wholesale revenues, however, fell 2% to EUR94.4m.
"These results demonstrate the effectiveness of our strategy as we continue developing our brand consistently and sustainably over the long term," said chairman and CEO Remo Ruffini. "Although we have not lost sight of the challenges and uncertainties that persist, we remain focused on our strengths."
For the full year, Moncler expects revenues and profits to increase, driven by the group’s ongoing expansion in international markets, particularly in North America, Japan and South East Asia, through the development of the retail network, and the selective consolidation of the wholesale channel.
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