Operating profit at Italian luxury group Moncler beat analysts’ expectations for the first half of the year, thanks in part to an 11 percent increase in revenues that were lifted by its performance in Asia.
The Milan-based group, known for its puffer jackets, said on Wednesday its half-year consolidated revenues totalled 1.23 billion euros ($1.34 billion), in line with a company-provided consensus.
Revenues at Moncler, the principal brand which accounts for over 80 percent of group sales, rose 5 percent in the second quarter, driven by strong growth in Japan, supported mostly by tourists, and by a positive performance on the Chinese mainland, the company said.
The group’s other brand, Stone Island, reported a decline in revenues in the second quarter, mainly due to the weak performance of its wholesale channel.
First half operating profit totalled 259 million euros, with a 21 percent margin on revenues, above expectations of 247 million euros.
Reporting by Elisa Anzolin, editing by Alessandro Parodi and Keith Weir
Learn more:
Moncler CEO Ruffini Will Hold 16% of Shares After Rivetti Family Invests Directly
The founders of Stone Island will now own shares of Moncler Group instead of their current stake in the Ruffini family holding company.
