Moncler's 2023 sales and profit beat expectations
Reuters
Published Feb 28, 2024 17:12
Updated Feb 28, 2024 17:51
MILAN (Reuters) - Sales at Italian luxury group Moncler rose 17% at constant exchange rates last year, boosted by its performance in Asia, beating analysts' expectations.
Full-year consolidated revenues totalled 2.98 billion euros ($3.23 billion), surpassing a company-provided consensus of 2.93 billion euros.
Operating profit rose to 894 million euros in 2023, the group said in a statement on Wednesday, a figure also above forecasts.
Direct sales through its stores and e-commerce site helped drive growth for both brands -- Moncler and Stone Island.
The wholesale business was weak, due in part to the impact of the conversion of Nordstrom and part of Saks to a direct to client model.
Stone Island, whose visibility and store network the group is trying to strengthen, grew less than the main Moncler brand.
Moncler proposed paying a dividend of 1.15 euros per share.
($1 = 0.9228 euros)
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Written By: Reuters
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