MILAN — Brunello Cucinelli SpA reported preliminary 2012 revenues of 279 million euros, or $357.1 million, up 15 percent compared with 242.6 million euros, or $337.2 million, in 2011.
This story first appeared in the January 8, 2013 issue of WWD. Subscribe Today.
The Italian luxury firm went public on the Milan Stock Exchange on April 27, and through the cash generated by the initial public offering, it has been slashing its debt, which, as of Dec. 31, stood at 1 million euros, or $1.28 million, compared with 48 million euros, or $66.7 million, at the end of 2011.
Detailed 2012 financial figures are scheduled to be made public on March 12.
In November, Cucinelli said growth in all markets except Italy and gains at its retail and wholesale channels helped the company close the first nine months of the year with a 25.3 percent increase in net profits, excluding nonrecurring costs associated with its IPO in April.
In the period ended Sept. 30, the Italian luxury company posted a net profit of 17 million euros, or $21.7 million, in line with the same period last year. Excluding expenses related to the IPO, earnings reached 21.3 million euros, or $27.2 million.
Sales for the nine months grew 15.2 percent to 220.2 million euros, or $281.8 million. The difference between the figures for the nine months and the year implies fourth-quarter sales of 58.8 million euros, or about $75.2 million.
Dollar amounts have been converted at average exchange for the periods to which they refer.
Since its IPO, the company has been stepping up its expansion around the world and developing its retail network.