Moncler Rises After Skiwear Maker's 2015 Earnings Beat Estimatesby
Luxury skiwear maker says it's confident of further growth
Chinese New Year went well, January, February were `positive'
Moncler SpA shares approached a three-month high after the Italian maker of luxury skiwear and $695 cardigans reported 2015 sales and earnings beat analysts’ and said it’s confident of further growth this year.
Earnings before interest, tax, depreciation and amortization rose to 300 million euros ($328 million), Milan-based Moncler said Thursday in a statement after European markets closed. Analysts predicted 293.5 million euros, according to the median of estimates compiled by Bloomberg. The shares gained as much as 4.5 percent.
Moncler is enlarging its store network and product range as it outpaces rivals amid cooling luxury demand. Chinese New Year was “very positive” and January and February have been good months overall, Chief Operating Officer Roberto Eggs said Thursday on a call with analysts.
“We are turning more positive on the name owing to the defensiveness of its top line and elevated returns profile,” said Piral Dadhania, an analyst at RBC Capital Markets, who rates the stock market perform. Moncler was “not left out in the cold.”
Full-year revenue reached 880.4 million euros, exceeding the 868.3 million-euro consensus.
The shares were up 3.6 percent as of 9:10 a.m. in Milan, giving the company a market value of 3.7 billion euros.
The company said it will add about 15 stores this year, including flagships in London and New York, after increasing its total by 39 last year. It also plans relocations in Miami and China.