Monclear S.p.A, the French luxury ski wear and fashion apparel company, reported consolidated revenue reached €561.5 million in the nine months ended Sept. 30, up 25 percent compared to the comparable period last year. Revenues grew 17 percent in currency-neutral (c-n) terms.
Adjusted EBITDA reached €174.5 million compared to €136.1 million in the first nine months of 2014. EBITDA margin reached 31.1 percent.
Adjusted EBIT was €147.6 million compared to €117 million in the first nine months of 2014. EBIT margin reached 26.3 percent.
Net Income was €92.7 million compared to €70.5 million in the first nine months of 2014. Net Income margin of 16.5 percent
The company ended the period with net financial debt of €152.9 million, compared to €217.8 million a year earlier.
Moncler’s Chairman and CEO Remo Ruffini said the results once again exceeded expectations.
“In addition,stores that have been open for more than 12 months continued to achieve solid growth, with comparable storesales up by 13 percent in the first nine months of 2015,” said Ruffini. “I am also very pleased with the development of our retail store network, which at the end of September counted 166 Directly Operated Stores (DOS). We continued to build on this progress and further strengthened the retail network in October, by both consolidating our presence in Japan with the opening of our new flagship store in Tokyo’s prestigious, upscale Ginza district as well as by hosting an extremely successful event to support this opening, bearing witness to the stature of our brand worldwide.”
Revenues by region
Moncler saw growth in all its markets.
In the Americas, the company achieved 73 percent (47 percent c-n), driven by the expansion of both distribution channels (retail and wholesale) in the United States and Canada.
In Asia & Rest of the World, Moncler revenues increased 33 pecent (20 percent c-n), thanks to the good performance of the retail network.
The EMEA countries recorded revenue growth of 14 percent at currency-neutral rates and 16 percent at current exchange rates, with notable positive results from France and the United Kingdom. In Italy, revenues rose 3 percent compared to first nine months of 2014, driven by the good results of the retail channel.
Revenues by distribution channel
Revenues from the retail distribution channel were €334.2 million compared to €219.5 million in the same period of 2014, up 52 percent (41 percent c-n). This performance was due to solid organic growth and the continued development of mono-branded retail stores (Directly Operated Stores, DOS).
Moncler achieved Comparable Store Sales Growth of 13 percent in the first nine months of 2015 in line with management expectations, after outstanding results in the first quarter of the year, and the solid performance of the Spring/Summer collections in second quarter.
The wholesale channel recorded revenues of €227.3 million compared to €229.8 million in first nine months of 2014, up 1 percent (-5 percent c-n). This result includes the impact of the conversion of the Korean business from wholesale into retail, from Jan. 1, 2015. Excluding Korea, wholesale grew 1 percent at constant exchange rates and 5 percent at current exchange rates, due to an excellent performance in the United States and despite the reduction of some doors mainly in Italy and Europe.
As Sept. 30, 2015, Moncler’s mono-brand distribution network consisted of 166 directly operated
stores, an increase of 32 units compared to 31 December 2014; and 33 wholesale mono-brand stores (Shop-in-Shops), a decrease of 5 units compared to 31 December 2014.
Following the establishment of the joint venture in Korea, Moncler converted all of its 12 Korean wholesale mono-brand stores into Directly Operated Stores.
