Earnings Release • May 9, 2019
Earnings Release
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TINFO
DIGITAL
SIGN
EXCELLENCE
Quality is at the heart of everything Moncler does
their future is Moncler's future, we are committed to their development
RESPONSIBILITY Long-term value creation can only be driven by respect and responsible behaviour
AMBITION Moncler never stops innovating and seeking to set new challenging standards
EUR 378.5M, +11% AT CONSTANT EXCHANGE RATES (+14% REPORTED)
WITH DOUBLE-DIGIT GROWTH IN BOTH RETAIL AND WHOLESALE
EUR 291.4M, +10% AT CONSTANT EXCHANGE RATES (+14% REPORTED) REPRESENTING 77% OF TOTAL REVENUES
4 OPENINGS IN Q1 2019
61 WHOLESALE MONO-BRAND STORES (SIS) AS OF 31 MARCH 2019 6 OPENINGS IN Q1 2019
YoY Growth YoY Growth In Q1 2019 Moncler posted double-digit Const. FX Reported growth in both distribution channels notwithstanding the very high basis $+14%$ $+11%$ of comparison(*) 378.5 Retail division continued to deliver good 332.0 results with a 10% growth • Online strongly outperformed $+14%$ $+10%$ 291.4 Wholesale revenues rose double-digit 256.2 (+13%), also driven by the expansion of the mono-brand stores network 87.1 $+15%$ $+13%$ 75.8 Q1 2018 Q1 2019 23% 23% Retail $\mathcal{L}{\mathcal{A}}$ Wholesale $\mathcal{L}{\mathcal{A}}$ 77% 77%
REVENUE ANALYSIS (Eur M)
YoY Growth YoY Growth Reported Const. FX $+14%$ $+11%$ 378.5 332.0 53.5 $+17%$ $+9%$ 45.8 171.1 $+17%$ $+12%$ 146.4 $+12%$ $+12%$ 108.1 96.5 43.3 45.8 $+6%$ $+6%$ Q1 2018 Q1 2019 Americas $\sim$ 14% 13% 14% 12% Asia & RoW EMEA 29% 29% $\blacksquare$ Italy 44% 45%
REVENUE ANALYSIS (Eur M)
In Q1 2019 Moncler posted robust results(*) in all regions
Italy positive trend continued (+6%) largely driven by the retail channel
EMEA revenues rose by 12% with both distribution channels contributing to this performance
Asia & RoW registered good growth led by China's mainland and Korea
Americas delivered solid results in both distribution channels and in the two core markets
REVENUE ANALYSIS (Eur M)
YoY Growth YoY Growth Const. FX Reported $+14%$ $+11%$ 378.5 332.0 53.5 $+17%$ $+9\%$ 45.8 171.1 $+17%$ $+12%$ 146.4 $+12%$ $+12%$ 108.1 96.5 $+6%$ 43.3 45.8 $+6%$ Q1 2018 Q1 2019 Americas $\sim$ 14% 13% 14% 12% Asia & RoW EMEA 29% 29% $\blacksquare$ Italy 44% 45% 6
EMEA, including Italy, registered a solid double-digit growth(*) in Q1 2019 with both distribution channels contributing to this performance
Middle East, Germany and the UK outperformed the average of the region, thanks to the very good results of the retail network and a robust wholesale performance
France has been negatively impacted by the events in Paris
Revenues in Italy have been largely driven by the retail division
Asia double-digit revenue growth continued in Q1 2019 (+12%(*))
China's mainland strongly outperformed the average of the region mainly driven by a very good organic growth
Korea also outperformed, driven by the outstanding retail double-digit growth
Performance in Japan and in the Rest of the APAC region has been mainly influenced by the demanding basis of comparison, in particular in January and February
(*) All growth rates are at constant exchange rates, unless otherwise stated
REVENUE ANALYSIS (Eur M)
Americas revenues increased by 9%(*) in the first three months of 2019, with both distribution channels and the two core markets, the US and Canada, contributing to this growth
Retail's double-digit performance has also been driven by the outstanding results of the New York - Soho store relocation
Wholesale recorded solid growth in both core markets
REVENUE ANALYSIS (Eur M)
Moncler's retail network reached 197 monobrand stores as of 31 March 2019, compared to 193 at 31 December 2018
Wholesale mono-brand stores reached 61 locations at the end of March, compared to 55 at 31 December 2018
| 31/03/2018 | New $(*)$ 31/12/2018 |
31/03/2019 | Previous 31/03/2019 |
||
|---|---|---|---|---|---|
| 183 | 193 | 197 | 224 | ||
| 18 | 20 | 20 | 23 | ||
| 52 | 55 | 55 | 64 | ||
| 88 | 91 | 95 | 110 | ||
| 25 | 27 | 27 | 27 | ||
| 31/03/2018 | 31/12/2018 | 31/03/2019 | 31/03/2019 | ||
| 48 | 55 | 61 | 83 | ||
| Q1 | YoY growth | Q2 | YoY growth | Q 3 | YoY growth | Q4 | YoY growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eur m | 2018 | 2017 | Rep. | ex FX | 2018 | 2017 | Rep. | ex FX | 2018 | 2017 | Rep. | ex FX | 2018 | 2017 | Rep. | ex FX |
| Italy | 43.3 | 39.2 | +10% | +10% | 20.1 | 19.0 | $+5%$ | $+5%$ | 59.5 | 55.7 | $+7%$ | +7% | 45.0 | 35.5 | $+27%$ | $+27%$ |
| EMEA (excl. Italy) | 96.5 | 82.9 | +16% | +18% | 50.4 | 44.5 | $+13%$ | $+15%$ | 125.5 | 112.9 | +11% | $+13%$ | 135.2 | 112.0 | $+21%$ | $+22%$ |
| Asia & RoW | 146.4 | 115.2 | $+27%$ | +39% | 64.O | 44.4 | $+44%$ | +47% | 128.7 | 97.5 | $+32%$ | +36% | 277.1 | 238.3 | $+16%$ | $+16%$ |
| Americas | 45.8 | 38.9 | +18% | +34% | 27.O | 23.5 | +15% | $+22%$ | 65.4 | 63.0 | $+4%$ | +10% | 90.2 | 71.1 | $+27%$ | $+26%$ |
| Total Revenues | 332.0 | 276.2 | +20% | +28% | 161.5 | 131.4 | +23% | +26% | 379.1 | 329.1 | +15% | +18% | 547.5 | 456.9 | +20% | +20% |
| Q1 | YoY growth | Q 2 | YoY growth | Q 3 | YoY growth | Q4 | YoY growth | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eur m | 2018 | 2017 | Rep. | ex FX | 2018 | 2017 | Rep. | ex FX | 2018 | 2017 | Rep. | ex FX | 2018 | 2017 | Rep. | ex FX |
| Retail | 256.2 | 203.9 | $+26%$ | +35% | 120.6 | 95.5 | $+26%$ | +29% | 220.4 | 178.3 | $+24%$ | +26% | 489.2 | 414.6 | +18% | +18% |
| Wholesale | 75.8 | 72.3 | $+5%$ | +9% | 40.9 | 35.9 | $+14%$ | +19% | 158.7 | 150.8 | $+5%$ | +9% | 58.2 | 42.4 | +37% | $+37%$ |
| Total Revenues | 332.0 | 276.2 | $+20%$ | +28% | 161.5 | 131.4 | +23% | +26% | 379.1 | 329.1 | +15% | +18% | 547.5 | 456.9 | +20% | +20% |
Source: Consob, Moncler Last update: May 2019
2019 Upcoming Events
24 July 2019 H1 2019 Financial Results 24 October 2019 9M 2019 Interim Management Statement
Investor Relations Team [email protected]
Paola Durante Investor Relations and Strategic Planning Director [email protected]
Alice Poggioli Investor Relations Manager [email protected] Carlotta Fiorani Investor Relations [email protected]
This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.
This presentation might contain certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Moncler's current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Moncler to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Moncler does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.
Any reference to past performance or trends or activities of Moncler shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Moncler.
Moncler's securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Luciano Santel, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.
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