Moncler recorded consolidated revenues of €1,420.1 million in 2018, an increase of 22 percent at constant exchange rates and of 19 percent in euros as compared to 2017. The growth continued to be strong also in the fourth quarter, with revenues up by 20 percent both at constant and at current exchange rates, despite a challenging comparison base. The adjusted Ebtda reached €500.2 million for the year, as compared to €411.6 million in 2017. Net earnings were up to €332.4 million from €249.7 million in 2017. The consolidated gross margin improved to a heady level of 77.4 percent of revenues from 76.9 percent in 2017, thanks in particular to the growth in the retail channel, where comparable store sales went up by 18 percent.
In Italy, the company's revenues rose by 12 percent as compared to 2017, with an acceleration in the fourth quarter and positive contributions by both the retail and the wholesale channels. In the EMEA region, excluding Italy, revenues grew by 17 percent at constant exchange rates and by 16 percent in euros, with double-digit growth in both channels and particular strength in Germany and the U.K. In the Americas, revenues grew by 23 percent in local currencies and 16 percent at current exchange rates, accelerating in the fourth quarter. In Asia and the rest of the world, revenues jumped by 28 percent at constant exchange rates and 24 percent in reported euros, with China leading the growth.
By distribution channel, revenues from the company's retail operations reached €1,086.5 million in 2018, up by 26 percent at constant exchange rates and of by 22 percent in euros, thanks to an excellent organic growth and a further development of the network of mono-brand retail stores (DOS), the company said. The wholesale channel recorded revenues of €333.6 million, an increase of 13 percent at constant exchange rates and 11 percent in euros, driven by the company's spring/summer 2019 collections.
At Dec. 31, 2018, Moncler's mono-brand distribution network consisted of 193 retail directly operated stores (DOS), an increase of 12 units as compared to Dec. 31, 2017, plus 55 stores and shop-and-shops operated by other retailers, representing an increase of nine units as compared to Dec. 31, 2017. In the fourth quarter, Moncler opened four DOS and four shop-in-shops.
In an interview with fashionmagazine.com, Remo Ruffini, Moncler's chairman and chief executive, said that the company plans to open 20 to 25 shops in airports over the next two years. In China, which accounts for around 30 percent of the company's business, Moncler has 34 stores, and currently does not plan to further expand its retail presence in the country, Ruffini said.