Moncler Sales Up By 29%

Moncler S.p.A. reported operating earnings gained 20.9 percent in the first half as sales grew 24 percent. Sales for the Moncler brand jumped 29 percent while sales at Stone Island gained 5 percent.

Highlights of the quarter include:

• Group consolidated revenues of €1,136.6 million in the first half of 2023, an increase of 24 percent compared with €918.4 million in the first half of 2022 at both current and constant exchange rates.
• Moncler brand revenues of €935.0 million in the first half of 2023, up 29 percent compared with the first half of 2022 at both current and constant exchange rates; Strong double-digit growth continuing in the second quarter (+32 percent at constant exchange rates), accelerating sequentially compared to the previous quarter, mainly thanks to the improvement in Asia. Direct-to-consumer (DTC2 ) channel revenues jumped 45 percent on a currency-neutral basis in the second quarter, driven by solid double-digit growth in all three regions.
• Stone Island Revenues of €201.6 million in the first half of 2023, up 5 percent at constant exchange rates (+4 percent at current exchange rates) compared with the first half of 2022. Second quarter sales were up 5 percent at constant exchange rates compared with same period of the previous year, in line with Q1, driven by Asia and EMEA. On June 1, Robert Triefus was appointed CEO of Stone Island.
• Group EBIT of €217.8 million in the first half of 2023 compared with €180.2 million in the previous year, representing a gain of 20.9 percent. EBIT margin on revenues of 19.2 percent versus 19.6 percent in the first half of 2022, due to a different phasing of marketing expenses in the first half versus the second half compared to the previous year.
• Net result €145.4 million in the first half of 2023, down 31.2 percent compared with €211.3 million in the first half of 2022 which included an extraordinary tax benefit of €92.3 million for the Stone Island brand tax value realignment.
• Group net financial position €470.7 million in net cash on June 30, 2023 (€818.2 million on December 31, 2022 and €356.3 million on June 30, 2022), after €300.3 million in dividend payments.

Remo Ruffini, chairman and chief executive officer of Moncler S.p.A., commented: “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. At Moncler, we are driving a new level of engagement with our customers all around the globe, leveraging all the dimensions of the brand. At Stone Island, we have just started the second chapter of the evolution of this unique brand under the leadership of the newly-appointed CEO. While remaining mindful of a still uncertain and complex environment, we will continue to invest in our organization and in our people to enable our brands to express their full potential.”

The Board of Directors of Moncler S.p.A. met  to review and approve the Half-Year Financial Report as of 30 June 2023.

In the first six months of 2023, Moncler Group reached consolidated revenues of EUR 1,136.6 million, up 24% cFX compared with the same period in 2022. These results include Moncler brand revenues of EUR 935.0 million and Stone Island brand revenues of EUR 201.6 million.

In the second quarter, Group revenues were EUR 410.2 million, up 26% cFX compared with the same period of 2022. In the second quarter, the Moncler and Stone Island brands recorded revenues equal to EUR 330.2 million and EUR 80.0 million respectively.

In the first six months of 2023, Moncler brand revenues were EUR 935.0 million, an increase of 29% cFX compared with the same period of 2022.

In the second quarter, revenues for the brand amounted to EUR 330.2 million, up 32% cFX YoY, accelerating sequentially compared to the growth recorded in Q1, mainly thanks to the improvement in Asia.

In Asia (which includes APAC, Japan and Korea) H1 revenues grew by 39% cFX compared with the first half of 2022, including an acceleration of 55% YoY in Q2. APAC recorded a strong sequential improvement, favoured by an easy comparable base in the Chinese mainland, whose performance in
2022 was negatively impacted by the lockdowns that caused the closure of around a third of the local stores in April and May, while June had seen a strong improvement with the reopening of all the stores. Japan and Korea continued to record solid double-digit growth in Q2 2023.

In EMEA, revenues grew by 29% cFX in H1 2023 vs H1 2022, with an increase in the second quarter of 30% compared with Q2 2022, supported by solid demand from local customers and the continued improvement in tourist flows. American, Chinese and Korean customers were the strongest contributors
to tourist purchases in the region.

Revenues in the Americas recorded a 3% cFX growth in H1 YoY and declined by 5% in Q2 YoY, due to the impact of the conversion of Nordstrom from a wholesale to a hybrid business model, which drove the wholesale channel to negative territory in the region in the quarter. The DTC channel continued to record solid double-digit growth in Q2, with a sequential acceleration compared to Q1. Excluding the impact of the Nordstrom conversion, growth in the Americas would have been positive in the second quarter.