Moncler H1 sales beat expectations despite lockdowns in China

MILANO (Reuters) – Sales at Italian luxury group Moncler rose 46% at constant exchange rates in the first half of the year, once again beating analysts estimates, despite a slowdown in the second quarter due to lockdowns in China.

Moncler, which acquired smaller rival Stone Island in 2020, said on Wednesday it was confident about the second part of the year, the most important season for a brand known for its warm puffer jackets.

It sees no “significant consequences” from the Ukraine conflict on full-year results and does not expect “at the moment” any impact on profitability from rising costs.

Total sales reached 918.4 million euros ($929.97 million) in the six months to June, which compares with an analyst consensus provided by the company of 894 million euros.

The group reported a 26% sales increase in the second quarter, thanks to strong growth in Europe and United States, South Korea and Japan.

The first half operating profit totalled 180.2 million euros, with a 19.6% margin on revenues, above expectations of 152 million euros.

Both Moncler and Stone Island revenues topped analyst expectations.

However, Moncler sales were hit by lockdowns in China due to the closure of around a third of its stores in April and May, the company said, signalling a strong improvement in June with the reopening of all the shops.($1 = 0.9876 euros)

(Reporting by Claudia Cristoferi; Editing by Keith Weir)