MILAN — In its first full-year report released after its December initial public offering, Moncler SpA saw strong sales in North America and Japan drive its profits and revenues.
The company said Monday that net profit rose 12 percent to 92.1 million euros, or $126.2 million, in 2013 versus 82.4 million euros, or $105.4 million, in 2012. Adjusted net profit, minus extraordinary costs associated with its IPO, reached 96.3 million euros, or $131.9 million.
Revenues in 2013 hit 580.6 million euros, or $795.4 million, up 19 percent, compared to 489.2 million euros, or $626 million, last year. Nearly 80 percent of the company’s sales are generated in international markets.
Earnings before interest and taxes rose 14 percent to 166.4 million euros, or $228 million, while earnings before interest, taxes, depreciation and amortization ticked up 15 percent to 185.6 million euros, or $254.3 million.
At the end of 2013, the company managed to trim its net financial debt to 178.2 million euros, or $244.1 million, from 229.1 million euros, or $293.1 million.
Dollar amounts are converted from the euro at average exchange for the periods to which they refer.
The company did not release profit or sales forecasts for 2014.
“We achieved double-digit growth in terms of sales and profitability. We achieved this with no compromise. With no winter jackets left in the stores,” said Moncler chairman Remo Ruffini during the company’s conference call.
Not everyone considers the results a huge success.
Luca Solca, a luxury goods analyst and a managing director at Exane BNP Paribas, said that Moncler’s results only slightly beat analysts’ expectations. “Virtually an in-line set of results. For the stock to move ahead from here, a material beat to consensus numbers was required and it did not come,” Solca told WWD.
“We comfortably retain our sell recommendation,” Solca said, referring to his January report in which he explained that one of the bank’s doubts about Moncler revolves around the fact that the company needs to diversify more into other product categories.
“It has made tentative steps into footwear, bags, eyewear and knitwear. But success is as yet unproven and the process could take time given the ‘monoproduct’ brand starting point,” Solca said, referring to the company’s focus on quilted down jackets.
Ruffini was instrumental in relaunching the brand after he acquired it in 2003 and still owns 32 percent of the company, according to Italian stock market regulator Consob.
“We have important markets to enter and reinforce, especially in Russia,” Ruffini said, adding that the company will open a store in Moscow in the second quarter of 2014.
The company is planning 20 new stores in 2014 and currently has 135 stores, 107 of them directly operated.
In light of currency fluctuations, amid concerns over the falling Japanese yen, Moncler plans to protect margins through its hedging policy. For its fall and winter lines, Moncler said that it raised prices by 8 percent in Japan.
Moncler shares closed up 1.16 percent at 14.83 euros, or $20.36, on the Italian stock exchange Monday.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews