This story first appeared in the February 25, 2014 issue of WWD. Subscribe Today.

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.

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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.

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