Brunello Cucinelli: sales and net profit grow in Q1 2014

By

Dominique Muret

Published
May 13, 2014

Brunello Cucinelli is beginning 2014 with a bang. The upscale Italian brand specialized in cashmere and publicly traded since 2012 announces for the first quarter of 2014 a record turnover of 99.6 million euros, up 12.2% compared to the same period last year.

The group has posted a net profit of 9.6 million euros (+8.7%) and an EBITDA of 18.3 million (+13.5%), says the company in a statement.

"Being halfway into this year already, having had very, very positive feedback on our autumn/winter collections, we calmly reiterate our optimism for this year," says CEO and founder, Brunello Cucinelli, who also announced the establishment of an ethics committee "to ensure that human values ​​take first place in the life of the company."

Group sales grew particularly abroad, beginning with the US, its largest market representing 25.9% of total sales, with a turnover of 25.8 million euros (+13.2 % compared to the same period a year earlier). Sales in Europe have also risen by 16.5% to 33.4 million euros.

There was a slight hiccup, however, in the Italian market, which saw a 2.6% decline, the market representing 23% of total sales. This quarter, they reached 23 million euros as opposed to 23.6 million in Q1 2013.

Direct retail sales jumped 24.1% to 32.9 million euros. The network of franchise stores increased meanwhile by 10.4% to 12.6 million euros, while sales to customers and multi-department stores totaled 54.1 million euros (+6.3%) in 2013.

Its monobrand network grew from 85 boutiques as of March 31, 2013 to 98 a year later, 63 of which are directly managed.

Net financial debt appears at 28.3 million euros as of 31 March 2014 as opposed to 14.8 million a year earlier.