Italy's Moncler Group reports 24% revenue surge in H1 FY23

The group's earnings before interest and taxes (EBIT) reached €217.8 million in H1 FY23, up from €180.2 million in the previous year. However, the EBIT margin on revenues dipped slightly to 19.2 per cent compared to the 19.6 per cent recorded in H1 FY22.

Moncler's net result for the first half of FY23 was €145.4 million, lower than the €211.3 million seen in the first half of FY22, the company said in a press release.

The first half of FY23 also saw a strong gross profit for Moncler, reaching €851 million, a 74.9 per cent incidence compared to 73.8 per cent in the same period of 2022. This margin increase primarily resulted from a positive channel mix, underscored by a greater impact from the direct-to-customer (DTC) channel.

Selling expenses in H1 FY23 rose to €374.7 million, from €314.9 million in H1 FY22. These expenses accounted for 33 per cent of revenues, compared to 34.3 per cent in H1 FY22. General and administrative expenses were €156.9 million compared with €132.7 million in the first half of FY22.

Breaking down the performance by brand, Moncler's revenues surged by 29 per cent on a constant exchange rate basis to reach €935 million in H1 FY23. Q2 revenues for the brand were particularly strong at €330.2 million, up 32 per cent year-over-year (YoY), accelerating from Q1 growth largely due to robust performance in the Asian market.

Meanwhile, Stone Island brand revenues touched €201.6 million in H1 FY23, reflecting a 5 per cent increase in constant exchange rate compared to €194.1 million during the same period in FY22. The brand's Q2 revenues also grew by 5 per cent YoY, maintaining the momentum from Q1, driven primarily by the Asia and EMEA markets.

"For the first time in our history, group revenues exceeded the €1-billion mark in the first half of the year. I am proud of this significant milestone, a testament to the great teamwork, innovative thinking, and customer-centric approach that defines our group,” said Remo Ruffini, chairman and chief executive officer of Moncler.

Fibre2Fashion News Desk (DP)