In 2020, Moncler recorded revenues of 1,440.4 million euros, a decrease of 11 percent at constant exchange and of 12 percent at current exchange rates. In the fourth quarter, the company said in a statement, despite the persistence of the negative effects of the measures undertaken to contain the pandemic, the group generated revenues of 675.3 million euros, up 8 percent at constant exchange rates and 7 percent at current exchange rates, mainly driven by the strong expansion of the Chinese market, the growth of Korea and Japan and the excellent performance of the online channel.
Commenting on the annual results, Remo Ruffini, Chairman and CEO of Moncler, said: “In 2020, revenues was equal to 1,440 million euros, with a 11 percent decrease and a sharp improvement in the second part of the year, in particular in the fourth quarter, which grew 8 percent. EBIT was equal to 369 million euros with a margin on sales of 26 percent while net cash surpassed 850 million euros. In the final months of 2020, in the midst of a difficult time for Italy and the world, we announced the Stone Island deal. With Stone Island, the Moncler Group strengthens its presence in the growing new luxury segment.”
Moncler’s performance across core geographies
The company added that Asia registered a positive performance in 2020 with 2 percent growth at constant exchange rates, and 26 percent in the fourth quarter. Mainland China led the performance of the region with strong double-digit growth in the year with an acceleration in the last quarter, which was followed by Korea and Japan, both also improving in the last months of the year. In EMEA excluding Italy, revenues decreased by 18 percent at constant and current exchange rates, registering 13 percent drop in the fourth quarter.
Moncler said, Germany, Scandinavia and Russia recorded the strongest performance in the year and also in the fourth quarter, with excellent results in both channels. Italy recorded a 34 percent revenue decline in the year, and in the fourth quarter impacted by the stringent measures implemented to contain the Covid-19 pandemic, which not only limited the inflow of tourists but also led to the prolonged closure of stores. In the Americas, revenues saw a decline of 15 percent at constant exchange rates and 16 percent at current exchange rates, recovering in the fourth quarter with 5 percent growth at constant exchange rates.
In 2020, revenues from the retail distribution channel amounted to 1,089.5 million euros, representing a decrease of 12 percent at constant exchange rates, while fourth quarter revenues improved by 5 percent at constant exchange rates led by Asia, in particular the Chinese market and e-commerce, which reported double-digit growth with a sharp acceleration in the last quarter. Comparable revenues of DOS decreased by 18 percent, due to the repeated lockdowns and the pandemic’s negative effects on stores’ traffic. In the second half the CSSG was equal to negative 9 percent. The wholesale channel recorded revenues of 350.9 million euros, a decrease of 5 percent at constant and current exchange rates, with 31 percent growth in the fourth quarter
Moncler registers drop in full year profit
In 2020 Moncler’s consolidated gross margin reached 1,089.6 million euros, equal to 75.6 percent of revenues compared to 77.7 percent in 2019. In the second half of the year, the gross margin was 78.1 percent compared to 78.3 percent in H2 2019.
The company said EBIT was 368.8 million euros, a decrease of 25 percent compared to 491.8 million euros in 2019, representing an EBIT margin of 25.6 percent compared to 30.2 percent in 2019. In the second half of the year, EBIT was equal to 404.3 million euros, with a margin of 39 percent compared to 36.8 percent in the second half of 2019.
In 2020, the net financial result was negative and equal to 23.3 million euros, compared to 21.1 million euros in the corresponding period of 2019, while net result was 300.4 million euros, equivalent to 20.9 percent of revenues, a decrease of 16 percent, compared to 358.7 million euros in 2019.
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