Moncler Profit Beats Analysts’ Estimates on U.S., Asian GrowthAndrew Roberts and Matthew Boyle
Moncler SpA, an Italian maker of $1,220 quilted polyester jackets, reported 2013 profit that beat analysts’ estimates on strong growth in the U.S. and Asia.
Adjusted full-year earnings before interest, tax, depreciation and amortization rose 19 percent to 192 million euros ($264 million), Milan-based Moncler said today in a statement after European markets closed. Analysts predicted 187 million euros, according to the average of 11 estimates compiled by Bloomberg.
Moncler, which sold shares in an initial public offering in December, is seeking a larger slice of the $101 billion designer clothing market by enlarging its store network and product range. The expansion is aimed at maintaining growth that’s outpacing rivals amid cooling luxury demand.
“We still have important markets to penetrate and certain product categories to develop, as we continue to create special products and keep our specialist approach in order to deliver controlled growth,” Moncler Chief Executive Officer Remo Ruffini said in the statement. Revenue increased 25 percent at constant-currency rates to 581 million euros.
The shares rose 1.2 percent to 14.83 euros at the close of trading today in Milan. The stock has risen 45 percent since starting trading on Dec. 16, valuing Moncler at 3.7 billion euros.
In the Americas Moncler saw sales growth of 44 percent at constant exchange rates, driven by “strong” retail channel performance. In Asia, Moncler’s sales grew 34 percent due to strong growth in Japan and China, the company said.