Moncler revenues jump 24 percent
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These results include Moncler brand revenues of 935 million euros and Stone Island brand revenues of 201.6 million euros.
In the second quarter, group revenues were 410.2 million euros, up 26 percent cFX compared with the same period of 2022, while the Moncler and Stone Island brands recorded revenues equal to 330.2 million euros and 80 million euros respectively.
In the first six months, gross profit was 851 million euros, with an incidence of 74.9 percent compared with 73.8 percent in the same period of 2022. Group EBIT was 217.8 million euros with a margin of 19.2 percent compared with 180.2 million euros in the first half of 2022.
The company’s board approved a gross dividend of 1.12 euros per share compared to 0.60 euros per share in the previous year.
Commenting on the company’s results, Remo Ruffini, chairman and chief executive officer of Moncler S.p.A., said: "For the first time in our history, group revenues exceeded the 1 billion euro mark in the first half of the year. I am proud of this significant milestone, a testament to the great teamwork, innovative thinking, and customer-centric approach that defines our group.”
Highlights of Moncler brand’s results
In the first six months, Moncler brand revenues were 935 million euros, an increase of 29 percent cFX. In the second quarter, revenues for the brand amounted to 330.2 million euros, up 32 percent cFXdue to the improvement in Asia.
In Asia which includes APAC, Japan and Korea, first half revenues grew by 39 percent cFX, including an acceleration of 55 percent in the second quarter. APAC recorded a strong sequential improvement, favoured by an easy comparable base in the Chinese mainland, while Japan and Korea continued to record solid double-digit growth in the second quarter.
In EMEA, revenues grew by 29 percent cFX in the first six months, with an increase in the second quarter of 30 percent. Revenues in the Americas recorded a 3 percent cFX growth in the first half and declined by 5 percent in the second quarter, due to the impact of the conversion of Nordstrom from a wholesale to a hybrid business model.
In the first half, the DTC channel recorded revenues of 757.5 million euros, up 37 percent cFX and revenues in the second quarter increased 45 percent. In the first six months, comp-store sales growth was 34 percent.
The wholesale channel recorded revenues of 177.5 million euros, an increase of 2 percent cFX. In the second quarter, revenues in this channel were flat. As of June 30, 2023, the network of Moncler mono-brand boutiques comprised 257 directly operated stores (DOS), an increase of two units, including one conversion in the Americas (Nordstrom) and one opening in Korea. The Moncler brand also operates 59 wholesale shop-in-shops (SiS).
Stone Island posts 5 percent revenue growth
Stone Island brand revenues reached 201.6 million euros, up 5 percent cFX, while second quarter revenues were also up 5 percent cFX, driven by Asia and EMEA.
EMEA recorded revenues of 145.6 million euros in the first half period, an increase of 5 percent. In the second quarter, revenues grew 8 percent. Asia reached 38.8 million euros revenues, growing 21 percent cFX. In the second quarter, the region grew 13 percent, due to solid performance in the Chinese mainland and Japan. The performance of the Korean market was softer, also due to the ongoing changes in business model.
The Americas were down 25 percent cFX and the second quarter saw a decline of 31 percent, as wholesale performance continued to be impacted by a softer business trend and a more cautious approach from department stores as a result.
The wholesale channel recorded revenues of 127.8 million euros in the first half of the year, down 4 percent cFX. In the second quarter, revenues grew by 2 percent. The DTC channel grew 23 percent cFX to 73.7 million euros, representing 37 percent of total first half revenues. In the second quarter, revenues were up 9 percent, mainly due to solid double-digit growth in EMEA, APAC and Japan, which more than offset more difficult trends in the Americas and Korea.
The network of Stone Island mono-brand stores comprised 74 directly operated stores (DOS), a net increase of three units and 19 mono-brand wholesale stores.