Moncler S.p.A. reported revenues reached €201.0 million in the first quarter ended March 31, up 38 percent, , compared with the year earlier quarter. The French maker of luxury ski and outerwear report sales grew in all its geographic markets.
In the Americas, sales grew 61 percent at currency-neutral terms and 85 percent growth at current exchange rates. The excellent results achieved in North America (United States and Canada) were driven by both the retail channel and the wholesale channel.
Comparable store sales at Moncler’s Directly Owned Stores grew 25 percent, which was higher than the fourth quarter and due primarily to results in January and February. The company owned 151 stores at quarter’s end, up from 134 a year earlier due largely to its take over stores in Korea that had been operated by its distributor.
“I am very satisfied with the results we have achieved in the first quarter of 2015 which show considerable growth in all the markets in which we operate,” said Monclear Chairman and CEO Remo Ruffini. “Moncler increased its revenues by 30 percent in the first three months of this year at constant exchange rates, representing further acceleration over the already good results achieved in 2014 and once again confirming the strength of our brand and the excellence of our growth strategy. In addition, the contribution made to the growth of the whole of the group by those stores that have been open for more than 12 months was especially positive, with a rise of 25 percent in comparable store sales posted in the quarter.
In the first quarter of fiscal year 2015, the consolidated gross margin was €148.3 million, equivalent to 73.8 percent of revenues, compared to 72.3 percent in the same period of 2014. This improvement is mainly due to the growth in the retail channel.
Adjusted EBITDA rose to €65.7 million, compared to €45.0 million in the first three months of 2014, equivalent to 32.7 percent of revenues (31.0 percent in the first quarter of 2014).
In the first three months of 2015, net income rose to €39.6 million, equivalent to 19.7 percent of revenues, compared to €23.5 million in the same period of 2014, up 69 percent.
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