MILAN (Reuters) – Italian luxury fashion group Moncler’s operating profit beat expectations for the first half of the year, driven by an 11 percent rise in revenue as it performed well in Asia.
The Milanese group, known for its down jackets, recorded consolidated sales of 1.23 billion euros for the first six months of the year, in line with the consensus compiled by the company.
Revenue from the Moncler brand, which accounts for more than 80% of group sales, increased by 5% in the second quarter, driven by strong growth in Japan, supported mainly by tourism, and a positive performance on the Chinese mainland, the company said.
Stone Island, the group’s other brand, recorded a drop in its turnover in the second quarter, mainly due to the weak performance of its wholesale network.
Operating profit for the first half, meanwhile, amounted to 259 million euros, with a margin of 21% on turnover, which is higher than analysts’ expectations, who were counting on a profit of 247 million euros.
(Written by Elisa Anzolin, Pauline Foret, edited by Augustin Turpin)
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