Moncler posted consolidated revenues of €736.8 million for the first nine months of 2017, representing a 15 percent increase from the first nine months of 2016 at current exchange rates, or a 16 percent increase at constant exchange rates. All regions posted double-digit growth with the exception of Italy, where sales still posted a 4 percent increase.
By distribution channel, revenues from retail rose by 19 percent to €477.8 million. At constant exchange rates, the increase was of 20 percent. The positive performance was driven by results on a same-store basis as well as the development of the monobrand retail store network. The wholesale channel recorded revenues of €259.0 million, up by 8 percent at current exchange rates, or up by 9 percent at constant exchange rates, driven by sales on a same-store basis and the ongoing development of the shop-in-shop network. Moncler said 64.9 percent of sales took place across its retail network, while wholesale revenues brought in 35.1 percent of sales.
By geographical area, Italy saw revenues increase in both distribution channels. Italy accounted for 15.5 of total sales, as compared to a share of 17.1 percent in the first nine months of 2016. In the third quarter the Italian market was slightly penalized by the temporary closure of the Milano-Montenapoleone store, which re-opened in October with expanded and renovated floor space.
The Europe, Middle East and Africa (Emea) region, excluding Italy, grew by 18 percent at current exchange rates, and by 21 percent at constant exchange rates, thanks to solid growth in both distribution channels and especially retail, where growth continued to be double-digit in all main markets, particularly in France and the U.K. The Emea region accounted for 32.6 percent of total sales.
In Asia & Rest of World, the revenue increase was of 19 percent at both current and constant exchange rates, with a positive contribution from all markets. Sales in Asia & Rest of World accounted for nearly 35 percent of total sales. Japan continued to experience double-digit growth, mostly driven by the retail channel. Korea also grew by double-digits. In the Americas, revenues grew by 14 percent at both current and constant exchange rates, supported by double-digit growth across both distribution channels and both North American markets (U.S. and Canada). The retail performance was largely driven by new openings. The Americas brought in 17 percent of sales.
At Sept. 30, 2017, Moncler's monobrand distribution network consisted of 195 directly operated stores (DOS), an increase of five units as compared to Dec. 31, 2016, and 48 wholesale shop-in-shops (SiS), an increase of six units as compared to Dec. 31, 2016. In the third quarter, Moncler opened four retail stores, including the first store in Kazakhstan (Almaty), and two shop-in-shops, net of two conversions into retail.
The company said the fourth quarter is expected to be strong again, showing double-digit sales growth even though it will compare to a strong fourth quarter in 2016.