Moncler, one of the public companies that have weathered the collapse of the stock exchange best, saw consolidated sales decrease by 18.1 percent at current exchange rates, or by 18.4 percent at constant exchange rates, in the first quarter to March 31 as compared to the first quarter a year ago, down to €310.1 million. The drop came after 24 quarters of double-digit revenue growth. A negative performance in both the retail and wholesale channels was due to the impact of the coronavirus crisis because of the stringent measures that were adopted by governments in many of the countries where the company operates. In connection with the ongoing crisis, Moncler’s chief executive, Remo Ruffini, supported the board of directors’ proposal to withdraw dividend payment for 2019.
Italy registered a 25 percent revenue decline to €34.5 million. In the Europe, Middle East and Africa (EMEA) region, excluding Italy, revenues decreased by 6.4 percent at current exchange rates and 6.5 percent at constant exchange rates, declining to €101.2 million. Germany and the Middle East outperformed the average of the region, the company said. In Asia and the Rest of the World, the rate of the sales decline was 22.5 percent at current exchange rates or 22.9 percent at constant exchange rates, down to €132.7 million. In the Americas, revenues dropped by 22.1 percent to €41.7 million, or by 23 percent at constant exchange rates.
By distribution channel, retail revenues were down by 18.9 percent at current exchange rates or 19.4 percent at constant exchange rates, declining to €236.3 million. Wholesale revenues decreased by 15.3 percent to €73.8 million, with a drop of 15.1 percent in local currencies.
As of March 31, 2020, Moncler’s mono-brand distribution network consisted of 213 directly operated stores, four more units as compared to the end of December, and 64 wholesale shop-in-shops, the same as on Dec. 31, 2019. During the first quarter, Moncler opened its first store in Kiev, Ukraine. The company temporarily shut down 111 stores at the end of March, and 19 more were temporarily closed in the first three weeks of April due to the coronavirus pandemic. In January and February, 12 retail stores had been closed in Asia for an average 30 days, while 109 retail stores, mainly lin the EMEA region and the Americas, did not operate for an average 15 days in March.
