MILAN, April 22 (Reuters) - Luxury puffer jacket maker
Moncler posted on Thursday a strong increase in first
quarter sales, a touch under those in the first quarter of 2019
- before the coronavirus pandemic -, boosted by a strong growth
in Asia and solid signs of recovery in North America.
Revenues in the January-March period rose by 21% from last
year at constant exchange rates to 365.5 million euros ($439.22
million), compared with 361 million euros expected on average by
analysts, according to a Refinitiv consensus.
"Moncler produced a smaller beat to the +19% consensus
expectations, growing in all regions worldwide versus full-year
2019 with the notable exception of Europe. The fact is not
overly surprising, considering that Moncler is less globally
developed than larger peers", analysts at Bernstein said.
Sales jumped by 53% in Asia in the quarter, boosted in
particular by China and Korea, and grew 34% in the Americas,
while remaining weak in Italy and the rest of Europe.
Moncler's rebound in the first quarter follows the recent
notable results by other luxury groups like LVMH,
Kering and Hermes, signalling a comeback for
the sector after the unprecedented fall in sales due to the
"We suffered more than other groups from our exposure to
Europe," where lockdown measures continued for much of the first
quarter, Chief Corporate Officer Luciano Santel told analysts in
a post-results conference call. Europe and Middle East accounted
for around a quarter of total revenues in the first three months
of the year; they were a third of total sales one year ago.
($1 = 0.8322 euros)
(Reporting by Claudia Cristoferi, editing by Giulia Segreti and