Moncler Q2 Revenue Up 5% on Strong Asia Growth; Europe Weighed by Weaker Tourism
Moncler’s Second Quarter Financial Performance Overview
Revenue Growth Driven by Asia
MILAN, July 22 (Reuters) - Revenues at Italian luxury outerwear group Moncler rose 5% at constant exchange rates in the second quarter, with growth at its key eponymous brand driven by Asia, partly offset by weaker sales in Europe amid a slowdown in tourist spending.
Group revenue totalled €409.3 million ($467 million) in the April-June period, slightly ahead of an analyst consensus of €405.8 million provided by the company.
Performance by Region
Revenue at the Moncler brand, which accounts for the bulk of group sales, rose 12% in Asia, with China and South Korea leading growth in the region. In the Americas, where the brand is still building its presence, sales increased 4%.
Profit and Seasonal Trends
Operating Profit in the First Half
In the first half of the year, operating profit rose to €245.4 million from €224.8 million a year earlier.
Seasonal Contribution to Annual Sales
The second quarter typically makes the smallest contribution to Moncler's annual sales, just under 13% of annual revenues, reflecting the group's continued exposure to seasonal demand despite efforts to broaden its product offering and reduce reliance on winter outerwear.
Strategic Initiatives
Moncler's Executive Chairman Remo Ruffini said the group continued to find new and more engaging ways to remain relevant throughout the year, well beyond its core season.
Industry Context
As the luxury sector shows tentative signs of improvement, Cartier-owner Richemont last week posted better-than-expected quarterly revenues, while Burberry reported a 5% rise in comparable store sales, matching market forecasts.
($1 = 0.8764 euros)
(Reporting by Elisa Anzolin, editing by Alvise Armellini/Keith Weir)
