- Prachi Singh
-
|
In the three months ended March 31, 2020, Moncler’s sales were down 18 percent to 310.1 million euros (335.6 million dollars), compared to 378.5 million euros in the first quarter of 2019, due to the impact of Covid-19 on its business. The company said in a statement that retail revenues were down 19 percent to 236.3 million euros (255.8 million dollars), while wholesale revenues decreased 15 percent to 73.8 million euros (79.8 million dollars). The company has decided to withdraw dividend payment for 2019.
Commenting on the first quarter trading, Remo Ruffini, Chairman and CEO on Moncler said: “The past three months will be remembered as watershed between “before” and “after”. We have been confronted by an invisible “enemy” globally and swiftly. It is the financial rigour that led me to support the board of directors’ proposal to withdraw 2019 dividend payment.”
Highlights of Moncler’s first quarter results across geographies
The company said in a statement that results were affected by the Covid-19 pandemic. In most of the states, all non-essential activities were closed affecting the group’s retail stores and wholesale shops, with negative consequences on both the channels.
In the quarter, the company added, Italy registered a 25 percent revenue decline to 34.5 million euros (37.3 million dollars). In the Europe, Middle East and Africa region, revenues decreased by 6.4 percent to 101.2 million euros (109.5 million dollars). In Asia and the Rest of the World region, revenues declined by 22.5 percent to 132.7 million euros (143.6 million dollars). Revenues in Americas dropped 22.1 percent to 41.7 million euros (45.1 million dollars).
As of March 31, 2020, there were 213 directly operated stores, an increase of four units compared to the end of December last year. There were also 64 wholesale shop-in-shops. In the first three months of 2020, Moncler opened its first store in Kiev, Ukraine. At the end of March, 111 stores were temporarily closed and an additional 19 stores have been temporarily closed in the first three weeks of April due to the coronavirus pandemic. In January and February, 12 retail stores were closed in Asia for an average of 30 days, while 109 retail stores, mainly located in the EMEA region and in the Americas, did not operate for an average of 15 days in March.
Picture:Moncler media centre
