- Prachi Singh |
Moncler recorded revenues of 561.5 million euros (602.8 million dollars), an increase of 25 percent at current exchange rates compared to revenues of 449.3 million euros (482.3 million dollars) in the same period of 2014 and an increase of 17 percent at constant exchange rates.
Commenting on the development, Remo Ruffini, Moncler’s Chairman and Chief Executive Officer, said, “The results we achieved in the first nine months of this year have once again exceeded our expectations, not only in terms of revenues, which were up by 17 percent at constant exchange rates and by 25 percent at the current exchange rates, but also as regards operating profit (EBITDA) and net profit, which showed an increase of 28 percent and 31 percent, respectively.”
Positive performance in all markets
In the Americas, the company achieved 47 percent growth at constant exchange rates and 73 percent growth at current exchange rates, driven by the expansion of both distribution channels (retail and wholesale) in the United States and Canada. In Asia and Rest of the World, Moncler revenues increased 20 percent at constant exchange rates and 33 percent at current exchange rates, driven by the good performance of its retail network. The EMEA countries recorded revenue growth of 14 percent at constant exchange rates and 16 percent at current exchange rates, with positive results from France and the United Kingdom. In Italy, revenues rose 3 percent compared to first nine months of 2014.
Revenues from the retail distribution channel were 334.2 million euros (358.7 million dollars) compared the same period of 2014, representing an increase of 41 percent at constant exchange. Moncler achieved comparable store sales growth of 13 percent in the first nine months of 2015 in line with management expectations. The wholesale channel revenues were however down 5 percent at constant exchange rates and 1 percent at current exchange rates. This result includes the impact of the conversion of the Korean business from wholesale into retail, from January 1, 2015. Excluding Korea, wholesale grew 1 percent at constant exchange rates and 5 percent at current exchange rates.
Mono-brand stores distribution network
As at September 30, 2015, Moncler’s mono-brand distribution network consisted of 166 directly operated stores, an increase of 32 units compared to last year; and 33 wholesale mono-brand stores (shop-in-shops), a decrease of 5 units. Following the establishment of the joint venture in Korea, Moncler converted all of its 12 Korean wholesale mono-brand stores into directly operated stores.
Adjusted EBITDA4 rose to 174.5 million euros (187.3 million dollars), compared to 136.1 million euros (146.1 million dollars) in the first nine months of 2014, resulting in an EBITDA margin of 31.1 percent compared to 30.3 percent in the same period of 2014. Adjusted EBIT4 was 147.6 million euros (158.4 million dollars) resulting in an EBIT margin of 26.3 percent. Including non-recurring costs, EBIT was 139.7 million euros, representing an EBIT margin of 24.9 percent compared to 25.3 percent in the first nine months of 2014.
Outlook for full year 2015
For the full year, Moncler management expects increased revenues and profits driven by the group’s ongoing expansion in international markets, as well as through the development of the retail network and the selective consolidation of the wholesale channel.