Brunello Cucinelli 2016 net profits rise 18.8 percent
Italian luxury goods group Brunello Cucinelli reported on Thursday double-digit growth for the 12-month period, ended December 31, 2016. The climb was attributed to boosted demand in Greater China and sales through its monobrand stores.
For the full-year, net profit rose 18.8 percent to 39.1 million euros ($43 million). Cucinelli's earnings before interest, tax, depreciation and amortisation, came in at 78.2 million euros ($83 million), up 13.2 percent.
Meanwhile, sales climbed 10.1 percent to 456 million euros ($501.6 million). Sales rose in all distribution channels – both monobrand and multibrand – and in all geographical areas.
In the European market revenues rose by 5.8 percent, while in the North American market revenues rose by 7.1 percent. In Greater China, sales we’re up 21.8, and in the Rest of the World they jumped 39.3 percent.
By distribution channel, revenues in the retail monobrand channel rose by 17.1 percent, while the wholesale monobrand channel grew by 2.4 percent and sales in the wholesale multibrand channel were up by 4.3 percent.
Chairman and CEO, Brunelli Cucinelli, noted that “2016 ended reporting “very very positive” results in terms of both revenues and profitability.” Adding that; “the sales of the Spring Summer 2017 collection are going really well” and that “we can be pretty certain that also the current year should deliver double-digit growth in terms of both revenues and margins.”
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