For its first half to June 30, 2019, Moncler S.p.A., recorded revenues
of 570.2 million euros (634.8 million dollars), an increase of 13 percent
at constant exchange and 16 percent at current exchange rates, compared to
the respective period in 2018. The company said, growth rate accelerated in
the second quarter by 18 percent at constant exchange and 19 percent at
current exchange rates. Net income was 71.3 million euros (79.3 million
dollars), an increase of 16 percent and the margin on revenues was equal to
12.5 percent, in line with the first semester of 2018.
“In the first half of 2019 Moncler recorded double-digit growth across
all economic indicators. Revenues increased 13 percent, with a significant
acceleration in pace in the second quarter, while net income exceeded 71
million euros, an increase of 16 percent from last year. The quality of our
strategy and the strength of our business have also been confirmed through
the solid performance of our key financial indicators,” said Remo Ruffini,
Moncler’s Chairman and Chief Executive Officer in a statement.
Review of Moncler’s first half results
The company added that in Italy, revenues rose 8 percent driven by the
strong performance of the retail channel. In EMEA, revenues grew 15 percent
at constant exchange rates, with a double-digit increase in both
distribution channels, which was even more significant in the second
quarter. The United Kingdom, Germany and France led growth in the
quarter.
In Asia & Rest of the World, revenues rose 15 percent at constant
exchange rates with an acceleration in the second quarter with China’s
mainland and Japan and Korea proving to be the main drivers of growth in
the region. In the Americas, revenues advanced 8 percent at constant
exchange rates with both channels and both markets contributing to it.
In the first half, revenues from the retail distribution channel
increased to 437.1 million euros (486.7 million dollars) representing a 13
percent increase at constant exchange rates. The group also achieved
comparable store sales growth of 9 percent. The wholesale channel recorded
revenues of 133.2 million euros (148.3 million dollars), an increase of 12
percent at constant exchange rates, due to the development of the network
of mono-brand stores and to Moncler Genius.
As of June 30, 2019, Moncler’s mono-brand stores distribution network
consisted of 196 directly operated stores (DOS), an increase of three units
compared to December 31, 2018 and 60 wholesale shop-in-shops (SiS), an
increase of five units compared to December 2018. During the second quarter
of 2019, the company converted the Bloomingdale’s store in NY from
wholesale to a retail mono-brand store.
Moncler reports rise in first half profit
In the first semester, the company said, consolidated gross margin was
437 million euros (486.5 million dollars), equivalent to 76.6 percent of
revenues compared to 76 percent in the same period of 2018. The company
added that consolidated gross margin, under application of IFRS 16, was
equal to 437.2 million euros, or 76.7 percent of revenues. Adjusted EBITDA
rose 16 percent to 143.6 million euros (160 million dollars), resulting in
an EBITDA margin of 25.2 percent, compared to 25.1 percent in the first
half of 2018. The increase is mainly linked to the improvement in the gross
margin. Under application of IFRS 16, Adjusted EBITDA, was equal to 199
million euros, equivalent to 34.9 percent of revenues.
Under application of IFRS 16, net income, group share, was equal to 70
million euros, equivalent to 12.3 percent of revenues.
On April 16, 2019, the company further said, at its annual shareholders
meeting, distribution of a gross dividends of 0.40 euro per share was
approved with coupon date of May 20, 2019 and payment date of May 22,
2019.
Picture:Moncler media centre
