- Prachi Singh |
In the first half of 2018, Moncler recorded revenues of 493.5 million euros (579.2 million dollars), an increase of 27 percent at constant exchange and 21 percent at current exchange rates. In the second quarter, revenues rose by 26 percent at constant exchange rates, which the company said, also benefitted from the launch of 7 Moncler Fragment Hiroshi Fujiwara, the first drop of the Moncler Genius project, which registered strong results across all distribution channels. Net income, Group share was 61.6 million euros (72.2 million dollars), an increase of 47 percent compared to the same period of 2017.
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Commenting on the company’s first half trading, Remo Ruffini, Moncler’s Chairman and Chief Executive Officer, said in a statement: “The results, not only beat market expectations, but even our own estimates. In the first half of 2018, Moncler’s revenues rose by 27 percent at constant exchange rates, posting major growth across all distribution channels—retail, wholesale and digital—and across all markets, driving the Group’s net income up by 47 percent.”
Moncler’s performance across geographies
In Italy, the company’s revenues rose 9 percent, driven by the strong growth of the retail channel, while in EMEA, revenues grew 17 percent at constant exchange rates, with double-digit growth in both distribution channels and in the main markets also in the second quarter. France, the United Kingdom and Germany, the company added, recorded very good performances. Revenues in France continued to record double-digit growth, while the United Kingdom, the company said, achieved, also in the second quarter, a good performance. Also Germany performed well in the second quarter.
In Asia & rest of the world, revenues increased 42 percent at constant exchange rates with all markets recording solid double-digit growth even in the second quarter. The company added that Moncler continued to register very good performances in China, driven by double-digit organic growth, while revenues in Korea recorded a solid increase, with an acceleration in the second quarter, mainly due to the organic growth of the existing stores’ network.
In the Americas, revenues grew 29 percent at constant exchange rates, with a double-digit growth also in the second quarter. Moncler said, good results were achieved in the United States and in Canada, for both the retail and the wholesale channels, supported by the good trend recorded in the existing stores and the opening of new wholesale shop-in-shops.
Revenue performance across retail channels
In the first half of 2018, revenues from the retail distribution channel increased to 376.8 million euros (442 million dollars), an increase of 33 percent at constant exchange due to robust organic growth and to a further development of the network of retail mono-brand stores (DOS). The Group achieved comparable store sales growth of 27 percent.
The wholesale channel recorded revenues of 116.7 million euros (137.9 million dollars), an increase of 12 percent at constant exchange rates, driven by good results, in particular, in North America and Asia-Pacific. As at 30 June 2018, Moncler’s mono-brand distribution network consisted of 209 retail directly operated stores (DOS), an increase of eight units compared to December 31, 2017, and 65 wholesale shop-in-shops (SiS), an increase of six units compared to 31 December 2017. In the second quarter, Moncler opened four retail DOS and four shop-in-shops.
In the first half, the consolidated gross margin was 374.9 million euros (439.8 million dollars), equivalent to 76 percent of revenues compared to 75.6 percent in the same period of 2017, driven by growth in the retail channel. Adjusted EBITDA rose to 123.9 million euros (145.3 million dollars), resulting in an EBITDA margin of 25.1 percent compared to 23.8 percent in the first half of 2017. EBIT was 85.7 million euros (100.5 million dollars), an increase of 35 percent, representing an EBIT margin of 17.4 percent compared to 15.5 percent in the first half of 2017.
On April 16, 2018, Moncler ordinary shareholders meeting approved the distribution of a gross dividend of 0.28 euros (0.33 dollar) per ordinary share, with coupon date on May 21, 2018 and payment date of May 23, 2018. In the first half of 2018, Moncler distributed 70.5 million euros (82.7 million dollars) of dividends.