Earnings Release • Apr 22, 2021
Earnings Release
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| Informazione Regolamentata n. 1218-51-2021 |
Data/Ora Ricezione 22 Aprile 2021 17:35:51 |
MTA | |
|---|---|---|---|
| Societa' | : | MONCLER S.P.A. | |
| Identificativo Informazione Regolamentata |
: | 145736 | |
| Nome utilizzatore | : | MONCLERN03 - Bonante | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 22 Aprile 2021 17:35:51 | |
| Data/Ora Inizio Diffusione presunta |
: | 22 Aprile 2021 17:35:52 | |
| Oggetto | : | Q1 2021 Interim Management Statement | |
| Testo del comunicato |
Vedi allegato.
The Board of Directors of Moncler S.p.A. approves the Interim Management Statement for the first quarter of $2021^1$
$\star\star\star$
<sup>1 This note applies to all pages: unaudited data, rounded figures.
Remo Ruffini, Moncler's Chairman and Chief Executive Officer, commented: "An important year has begun. A year, we hope, of rebirth and fresh energy. A year that, for Moncler, will also be one of great work and zest for new projects. We finalised the acquisition of Stone Island on 31 March. Now, we are working together on bold plans to develop the Group, all with a clear goal in mind: to enhance our brands' identities, honour their uniqueness and, at the same time, build a solid framework to support their evolution and future development.
Looking at the results of the first three months of 2021, I think that growing by 21% worldwide and being broadly in line with the first quarter of 2019 is a very good result. But there is still a lot to be done. The coming months will be crucial for the many projects that we are working on right now. As I told our store managers at the Digital Summit a few weeks ago: we should not stop being proactive; we must continue to learn and evolve. Our customers - wherever they are, and whether they meet us in a physical or digital space - expect an ever-changing, unique and exciting experience. Our products caught them yesterday, but it is the relationship we strengthen today that will allow us to continue to engage with them tomorrow, around the world and across every touch point."
$***$
Milan, 22 April 2021 – The Board of Directors of Moncler S.p.A., which met today, has reviewed and approved the Interim Management Statement for the first quarter of 2021.
In the first quarter of 2021, Moncler recorded revenues of 365.5 million euros, an increase of 21% at constant exchange rates, and of 18% at current exchange rates compared to revenues of 310.1 million euros in the same period of 2020. Compared to the first three months of 2019, consolidated results registered a -2% decline at constant exchange rates.
| First Quarter 2021 | First Quarter 2020 | YoY Change % | ||||
|---|---|---|---|---|---|---|
| $Eur$ '000 | $\%$ | Eur '000 | % | At current exchange rates |
At constant exchange rates |
|
| Asia | 198.132 | 54.2% | 132.697 | 42.8% | $+49%$ | $+53%$ |
| $EMEA$ (excl. Italy) | 84.865 | 23.2% | 101.187 | 32.6% | $-16%$ | $-15%$ |
| Italy | 29.015 | 8.0% | 34.539 | 11.1% | $-16%$ | $-16%$ |
| Americas | 53.447 | 14.6% | 41.686 | 13.5% | $+28%$ | $+34\%$ |
| Total Revenues | 365,459 | 100.0% | 310.108 | 100.0% | $+18%$ | $+21%$ |
In the first quarter of 2021, Moncler posted strong double-digit results in Asia and in the American region.
In Asia revenues increased +53% at constant exchange rates, with a positive contribution from all three Regions: APAC, Korea and Japan. APAC almost doubled its revenues in the first quarter of 2021 due to exceptional growth in the Chinese mainland and positive performance in the other main markets, Hong Kong SAR, Macau SAR and Taiwan. Korea also recorded exceptional results; the Region has been less impacted by measures to contain the
pandemic while benefitted from strong brand momentum. Japan saw positive performance in the first quarter despite the decrease in traffic linked to Covid-19 restrictions.
EMEA (excl. Italy) reported a decrease in revenues of 15% at constant exchange rates in the quarter. This result was driven by the restrictions imposed by the various national governments to contain the pandemic and by limited tourist flows, while local demand continued to grow. France and the United Kingdom were most impacted by the restrictive measures.
Italy registered a -16% decline in the quarter, affected by the store closures imposed to limit the spread of Covid-19 and the absence of tourists.
The Americas recorded an increase in revenues of +34% at constant exchange rates, demonstrating positive performance across both channels and the two main markets.
| First Quarter 2021 | First Quarter 2020 | YoY Change % | |||||
|---|---|---|---|---|---|---|---|
| Eur '000 | % | Eur '000 | $\%$ | At current exchange rates |
At constant exchange rates |
||
| Retail | 279.176 | 76.4% | 236.335 | 76.2% | $+18%$ | $+22%$ | |
| Wholesale | 86.283 | 23.6% | 73.773 | 23.8% | $+17\%$ | $+17\%$ | |
| Total Revenues | 365,459 | 100.0% | 310.108 | 100.0% | $+18%$ | $+21%$ |
Revenues from the retail channel were equal to 279.2 million euros compared to 236.3 million euros in the first quarter of 2020, increasing 22% at constant exchange rates. This result was led by strong performance in China and Korea and the exceptional growth of e-commerce in all markets, particularly in North America and Korea.
The wholesale channel recorded revenues of 86.3 million euros compared to 73.8 million euros in the first quarter of 2020, up $+17\%$ at constant exchange rates. This performance was driven by the positive reception of the Spring/Summer collections and by important reassortments. The online wholesale channel (e-tailers) grew significantly.
As of 31 March 2021, Moncler's mono-brand distribution network consisted of 221 directly operated stores (DOS), a net increase of two units compared to 31 December 2020, and 63 wholesale shop-in-shops (SiS), unchanged from 31 December 2020.
In the first three months of 2021. Moncler converted a wholesale store into retail in Canada and opened a DOS in Japan.
In the first three months of 2021, around 25% of Moncler's retail network was temporarily closed due to measures imposed by governments to contain Covid-19.
| 31/03/2021 | 31/12/2020 | 31/03/2020 | Net Openings First Quarter 2021 |
|
|---|---|---|---|---|
| Retail Mono-brand | 221 | 219 | 213 | ച |
| --------------------------------------- Asia |
105 | 104 | 104 | --------------------------------------- |
| EMEA (excl. Italy) | -61 | -61 | 57 | |
| Italy | 19 | 19 | 19 | |
| Americas | 36 | 35 | 33 | |
| Wholesale Mono-brand | 63 | 63 | 64 |
The Board of Directors today also designated the newly appointed Director Carlo Rivetti as Manager with Strategic Responsibilities of Moncler Group.
$***$
The manager in charge of preparing corporate accounting documents Luciano Santel declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the accounting figures, books and records.
$ * $
Paola Durante Moncler Strategic Planning, Intelligence and IR Director Tel. +39 02 42203560 [email protected]
Alice Poggioli
Moncler Investor Relations Manager Tel. +39 02 42203658 [email protected]
Moncler Investor Relations Tel. +39 02 42203569 [email protected]
Moncler was founded at Monestier-de-Clermont, Grenoble, France, in 1952 and is currently headquartered in Italy. Over the years the Brand has combined style with constant technological research assisted by experts in activities linked to the world of the mountain. The Moncler outerwear collections marry the extreme demands of nature with those of city life. In 2003 Remo Ruffini took over the company, of which he is currently Chairman and CEO. Moncler manufactures and directly distributes the clothing and accessories collections under the brand Moncler through its boutiques and in exclusive international department stores and multi-brand outlets. At 31 March 2021 has been completed the acquisition of the entire share capital of Sportswear Company S.p.A, that owns the Stone Island brand.
Tel. +39 02 42203528 [email protected]
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