MILAN — Growth in all geographic markets helped Brunello Cucinelli SpA report a solid increase in sales in the first half of the year.
In the six months ended June 30, normalized net profits, excluding the benefits of the Patent Box, totaled 22.8 million euros, compared with 23.8 million euros in the same period last year. The company was hit by a higher tax rate of 31.1 percent in the first half, compared with 28.5 percent in the same period last year. Including the benefits of the Patent Box, net profits were in line with the first half last year, totaling 25.3 million euros, compared with 25.8 million euros at the end of June last year.
Earnings before interest, taxes, depreciation and amortization climbed 7.9 percent to 49.9 million euros compared with 46.2 million euros.
Revenues rose 8.1 percent to 291.4 million euros, compared with 269.5 million euros in the same period last year.
“We are fully satisfied with our first-half results, in terms of both financial performance and the brand’s image and buoyancy; we like to be identified as a made in Italy ready-to-wear luxury brand,” said the namesake founder of the company on Wednesday. “Since it is the end of August, we can very serenely and confidently envisage a particularly positive 2019 with revenues increasing in line with our long-term expectations: 8 percent annual growth resulting in double sales over the next 10 years — along with a more than proportional increase of EBITDA, with healthy and rising profits.”
Cucinelli expressed “our well-founded optimist for 2020, too, when we expect further growth in revenues and profit in line with our long-term guidance.”