Most Recent Articles In Financial
Latest Financial Articles
- Impact of Greek Debt Crisis: Amplified Currency Pressure On U.S. Firms
- European Equities Lose Footing, Consumer Spending Threatened
- U.S. Retail Stocks Try to Regain Losses
More Articles By
MILAN — A solid performance around the world, in particular in the U.S. and Europe, lifted Brunello Cucinelli SpA revenues in the first half. In the period ended June 30, preliminary sales totaled 157.6 million euros, or $206.4 million, up 16.5 percent compared with 135.2 million euros, or $174.4 million, in the same period last year.
Dollar amounts have been converted at average exchange rates for the periods to which they refer.
“Results in terms of revenues confirm the robust international growth accompanying our brand. Given our sales’ high quality, we expect very interesting results in economic terms,” said Brunello Cucinelli. “Considering the excellent atmosphere surrounding the brand, we expect relevant double-digit growth in 2013, both in terms of revenues and profit.”
Sales in the U.S. rose 32.3 percent to 46.9 million euros, or $61.4 million, accounting for 29.8 percent of total sales, lifted by all distribution channels. As of June 30, the Italian luxury company counted 14 boutiques in the region.
Revenues in Europe gained 24.6 percent to 54.8 million euros, or $71.8 million, representing 34.8 percent of sales.
In Greater China, sales grew 16.8 percent to 7.2 million euros, or $9.4 million, accounting for 4.6 percent of sales. In a statement, the company cited local customers who are “showing a gradual and positive approach, with a growing interest in top-quality proposals displaying craftsmanship and the Made in Italy taste, not necessarily linked” to a logo. It was noted that the number of Chinese tourists shopping around the world is also increasing.
In line with the company’s controlled retail approach, stores in the region at the end of the first half totaled 18, of which 12 are directly controlled monobrand boutiques in mainland China and six wholesale monobrand boutiques (three in Hong Kong, two in Taiwan and one in Macau).
In the Rest of the World area, sales fell by 500,000 euros, or $655,000, to 12.4 million euros, or $16.2 million, “affected by the timing of certain deliveries straddling the end of the half-year, whose revenues materialized in July,” according to the company, which noted new openings in Tokyo and Doha in the period.
Sales in Italy eased 1.2 percent to 36.2 million euros, or $47.4 million, but the publicly listed firm cited growth in boutiques in the country’s main cities and resorts due to the flow of tourists. At the end of the first half, there were 15 stores in Italy, including new openings in Turin and Naples, in March and April, respectively.
Complete and final figures for the period will be released on Aug. 28.