May 15, 2015
2 minutes
Brunello Cucinelli up 12% in Q1 2015
May 15, 2015
Brunello Cucinelli has continued with positive momentum this year. The Italian brand, which specializes in high-end cashmere, has announced a very positive turnover of 111.7 million euros for its first quarter, up 12.1 % compared to the same period one year earlier.
The group recorded a net profit of 9.3 million euros, a 3.3% increase compared to the normalized net income it recorded one year earlier. As compared to its non-normalized net income, that’s to say including the capital gains it saw in the first quarter 2014, the group suffered a 2.3% decline in earnings, the company said in a statement.
The same logic goes for its Ebitda, which reached 19.2 million in the first quarter (+9.5% compared to its normalized Ebitda for Q1 2014).
"We are particularly pleased with how we have begun 2015," said the CEO and founder of the brand, Brunello Cucinelli, who expects “solid double-digit growth" for the full fiscal year.
The company’s sales especially rose in foreign markets (+15.2%), which account for 79% of its total turnover, with the US as its most important market, representing 30.9% of total sales and 34.5 million euros in turnover (+34% compared to the same period one year earlier).
Sales in Europe, meanwhile, rose by 5.5% to 35.2 million euros.
Even sales in Italy were up (1.7%), while they were down one year ago on the domestic market, which only represents about 20.9% of total sales. Revenues reached 23.4 million euros in Q1 2015.
Sales through the company’s direct retail channel were up by 33.1% at 43.8 million euros. Its franchise store network sales, meanwhile, rose by 1.3% to 12.7 million euros, while sales at multibrand clients and in department stores amounted to 55.1 million euros (+1.8%) during the first three months of 2015.
Its store network increased from 98 locations as of March 31, 2014 to 110 one year later, 75 stores of which are directly managed.
Its financial net debt was 68.2 million euros as of March 31, 2015 as compared to 28.3 million one year earlier. Brunello Cucinelli has invested heavily in both its sales network and its organizational structure.
€1 = $1.14/£0.72
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