Adds particulars
July 27 (Reuters) – Revenues at Italian luxurious down jacket maker Moncler MONC.MI topped analyst expectations within the second quarter helped by easing COVID-19 restrictions, including to proof of a pointy rebound within the sector.
Moncler greater than doubled gross sales of its eponymous model within the interval, surpassing pre-pandemic ranges, with the current acquisition of high-end streetwear model Stone Island Moncler additional boosting group income ranging from April.
Excluding the Stone Island’s acquisition, Moncler’s income jumped 118% to 200 million euros within the April-to-June quarter from the identical interval of final yr, which was the toughest hit by the pandemic with retailers shut and worldwide journey delivered to a standstill.
In contrast with the second quarter of 2019, Moncler’s gross sales have been up 5% “despite the fact that the continuing COVID-19 pandemic continued to affect second quarter revenues particularly in Japan and Europe”, the corporate stated on Tuesday.
The second quarter traditionally accounts for less than a fifth of full-year gross sales as a result of seasonality of the model.
Stone Island’s second-quarter gross sales totalled 56.2 million euros, Moncler stated.
Consolidated revenues got here in at 256.three million euros within the quarter, above a median analyst forecast of 248 million euros, based on a consensus supplied by the corporate.
Gross sales jumped in Asia within the quarter primarily pushed by China and South Korea, marking a “double-digit progress” in contrast with the identical quarter in 2019, whereas revenues are 40% above pre-pandemic ranges within the Americas. Italy and the remainder of Europe are nonetheless beneath pre-COVID ranges.
The restoration in revenues helped the group return to profitability after the working loss recorded for the primary time in its historical past within the first half of 2020.
Earnings earlier than curiosity and taxes (EBIT) reached 92.eight million euros within the first six months and internet revenue totalled 58.7 million euros, which compares with 47 million euros anticipated by analysts.
(Reporting by Claudia Cristoferi; enhancing by Valentina Za and Alistair Bell)
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