Luxury puffer coats manufacturer Moncler posted a strong increase in first-quarter sales on Thursday, a little below those in the first quarter of 2019 – before the coronavirus pandemic – boosted by strong growth in Asia and solid signs of recovery in North. America.
Revenues for the January through March period were up 21 percent year-over-year at constant exchange rates to Euro 365.5 million ($ 439.22 million), compared to analysts’ average expectation of Euro 361 million, according to a consensus of Refinitiv.
Moncler produced a smaller beat to the [up] 19 percent consensus expectations, growing in all regions worldwide from full year 2019 – with the notable exception of Europe. The fact is not overly surprising, as Moncler is less developed worldwide than its larger peers, ”said Bernstein analysts.
Sales in Asia grew 53 percent in the quarter, driven mainly by China and Korea, and grew 34 percent in the Americas, while sales remained weak in Italy and the rest of Europe. Moncler’s first-quarter recovery follows recent notable results from other luxury groups such as LVMH, Kering and Hermes, signaling a comeback for the industry after the unprecedented decline in sales caused by the pandemic.
“We have suffered more than other groups from our exposure to Europe,” where lockdown measures continued for much of the first quarter, Chief Corporate Officer Luciano Santel told analysts in a conference call following the results. Europe and the Middle East accounted for about a quarter of total revenues in the first three months of the year; they were one third of total sales a year ago.
By: Claudia Cristoferi