Moncler S.P.A., the Italian-based based brand known for its down jackets and sportswear, reported earnings grew 16 percent in the first half as sales jumped 13 percent on a currency-neutral basis.
Highlights of the quarter include:
- Consolidated revenues: €570.2 million, up 13 percent at constant exchange rates and up 16 percent at current exchange rates, compared to €493.5 million in the first half of 2018
- Retail Comp-Store Sales Growth: +9 percent
- Adjusted EBITDA2: €143.6 million compared to €123.9 million in the first half of 2018; EBITDA margin of 25.2 percent
- EBIT: €94.6 million compared to €85.7 million in the first half of 2018; EBIT margin of 16.6 percent. Under application of IFRS 16, EBIT is equal to €102.6 million with a 18.0 percent margin
- Net Income, Group share: €71.3 million, up 16 percent compared to €61.6 million in the first half of 2018; net income margin of 12.5 percent. Under application of IFRS 16, net income is equal to €70.0 million with a 12.3 percent margin
- Net Cash Position: €395.7 million, compared to €450.1 million on December 31, 2018 and 243.9 million on 30 June 2018, after the payment of dividends (€101.7 million) and share buy-back (€15.1 million). Under application of IFRS 16, net financial position is equal to €166.2 million of debt.
Remo Ruffini, Moncler’s chairman and CEO, said in a statement, “Innovate to invent our future every day, go beyond the ordinary to discover our extra-ordinary, continuously find new methods of collaboration to harness the genius that lies in each and every one of us. This is what I ask and what my team demonstrates every day. The first Moncler Hackathon, a 24-hour long marathon was an emotional moment for all of us, filled with excitement for innovation and the results exceeded any of my wildest expectations. Seeing over 450 Moncler employees, coming from different countries, departments and backgrounds, working together on numerous themes relevant to our future, further consolidated my belief in the uniqueness of our Company and in its great strength, as also expressed by our results.
“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 (+18 percent), 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. We have six important and, as always, challenging.”
Consolidated Revenues Analysis
In the first half of 2019, Moncler recorded revenues of €570.2 million, an increase of 13 percent at constant exchange rates and of 16 percent at current exchange rates, compared to revenues of €493.5 million in the respective period in 2018. The growth rate accelerated in the second quarter (+18 percent increase at constant exchange rates, +19 percent at current exchange rates).
In Italy, revenues rose 8 percent, mainly 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. Japan and Korea were 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.
Revenues by Distribution Channel
In the first half of 2019, revenues from the retail distribution channel increased to €437.1 million compared to €376.8 million in the respective period of 2018, representing a 13 percent increase at constant exchange rates, driven by robust organic growth. E-commerce continued to record results significantly above the channel’s average. The group achieved comparable store sales growth of 9 percent.
The wholesale channel recorded revenues of €133.2 million compared to €116.7 million in the first half of 2018, an increase of 12 percent at constant exchange rates, due to the development of the network of mono-brand stores and to Moncler Genius.
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