Moncler’s sales in the fourth quarter of 2022 increased by 19 percent at constant currency rates to €1,046.3 million and pushed 67 percent above their level in the same quarter of 2019, ahead of the Covid-19 pandemic. The strong fourth quarter sales performance led full-year sales to €2,602.9 million, up by a reported 27 percent and 25 percent higher at constant rates compared to 2021. The top line was also above a company-provided consensus of €2,534 million.
The Stone Island brand contributed €97.0 million to the group’s Q4 sales, up by 48 percent at constant exchange rates compared to the year earlier. For the full year, Stone Island revenues rose by 28 percent. The Moncler brand generated revenues of €949.3 million in the quarter, a 16 percent improvement on the year. The brand’s full-year sales rose 19 percent to €2,201.8 million, reflecting comparable store sales growth of 15 percent.
On a constant currency basis, fourth-quarter revenues of the Moncler brand in the EMEA region rose by 30 percent to €318.0 million, while they were up 29 percent for the full year. Growth in the fourth quarter was driven by local demand, with Italy, France and Germany providing the biggest contributions.
Fourth quarter sales of the Moncler label in Asia grew by 12 percent to €481.4 million, driven by strong Korean demand and a solid performance in Japan. While mainland China sales suffered in October and November from Covid-19 restrictions, sales picked up in December after the country abandoned a zero-Covid policy. Full-year sales in the region were 14 percent higher. Revenues in the Americas inched up by 5 percent to €149.8 million in the fourth quarter and were 12 percent higher for the year.
For the full year, sales through Moncler’s DTC channel increased by 22 percent at constant currencies to €1,772.0 million. Wholesale channel revenues for the Moncler brand rose by six percent to €429.8 million.
The group’s Ebit for the year rose to €774.5 million from €603.1 million in 2021, above a €748 million analyst consensus. The Ebit margin widened by 0.3 percentage points to 29.8 percent. Net profit jumped to €606.7 million from €411.4 million in 2021, boosted in part by a €92.3 million extraordinary tax benefit for the Stone Island brand tax value realignment.
Moncler ended 2022 with 251 single-brand stores, up from 237 the year earlier and with nine net openings in the fourth quarter. Stone Island opened one new store in the fourth quarter, bringing its total store count to 72, more than double the 30 at the end of 2021.
”The year 2022 was one “of great emotions and successes that have exceeded our own expectations,” said Remo Ruffini, chairman and CEO. “Looking at 2023, the macroeconomic environment remains complex and characterized by continued uncertainty, but also by many opportunities.”
