Moncler revenues soar 16 percent in Q1

REPORT_ In the first quarter of 2014, Moncler generated revenues of 145.4 million euros (199.3 million dollars), a 16 percent increase

at current exchange rates, compared to 125.6 million euros (172.2 million dollars) for Q1 2013, and up 19 percent at constant exchange rates.

In the course of Q1 2014, Moncler recorded growth in both distribution channels and particularly in the retail channel. As of 31 March 2014, the retail distribution channel recorded revenue increase of 23 percent at current exchange rates and 28 percent at constant exchange rates, driven by the development of our network of mono-brand retail stores and good growth at existing stores.

In the first three months of FY 2014, comparable store sales growth was over 10 percent. As of 31 March 2014, the wholesale channel recorded an increase of 9 percent at constant exchange rates and 7 percent at current rates. As of 31 March 2014, the mono-brand distribution network of Moncler totalled 138 stores, of which 111 were directly operated stores (DOS), an increase of 4 compared to December 2013, and 27 were wholesale stores (shop-in-shops), one less than 31 December 2013.

In Q1 2014, Moncler recorded double digit growth in all its international markets. In particular, in Asia Moncler revenues grew by 42 percent at constant exchange rates, due to the strong growth recorded in both the Japanese and the Chinese market. In the Americas the company registered growth of 15 percent at constant exchange rates, driven by the good performance of both the wholesale and the retail channel. The EMEA countries recorded revenues growth at constant exchange rates of 20 percent with good performances notably from France, Germany, Turkey and the UK. Italy showed a slightly negative trend with below 4 percent, largely due to a different timing effect in deliveries between the first and second quarter; domestic market performance is also influenced by the ongoing selective reduction of wholesale doors.

In Q1 2014, the consolidated gross margin was 72 percent of revenues compared to 71 percent in Q1 2013. Adjusted EBITDA rose to 45 million euros (61.7 million dollars), resulting in a margin on revenues of 31 percent, stable with respect to Q1 2013. EBIT rose to 39.1 million euros (53.6 million dollars), resulting in a margin on revenues of 26.9 percent.

The shareholders meeting of the parent company Moncler S.p.A. held on 29 April 2014 resolved to approve the financial statements for the year ended 31 December 2013 and to distribute a dividend of 0.10 euros (0.14 dollars) per share. For financial year 2014, the group expects a growth scenario, based on development of the retail network in the top luxury location worldwide; development of the selective wholesale channel, both in markets where the brand does not yet have a presence and by reducing the number of customers in the markets where the brand already exists and by focusing on a selected number of first class key account in order to avoid the dilution of the brand; expansion of international markets and strengthening of brand equity.