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Brunello Cucinelli nine months' sales up 14.3%
14
Nov '13
The Board of Directors of Brunello Cucinelli S.p.A. – an Italian maison operating in the luxury goods sector and listed on the Borsa Italiana Electronic Stock Exchange –reviewed and approved the Interim Report for the nine months ended 30th September 2013.

The results for the first nine months consolidate the results reported in the first half of the year, consistent with the path of sustainable growth and healthy profitability representing the Group’s strategy and long-term approach.

Highlights:

- Net revenues of € 251.7 million (+14.3% compared to net revenues at 30th September 2012);

- EBITDA of € 45.8 million (+15.0% compared to normalized EBITDA1 for the first nine months of 2012);

- Significant growth in the international markets is confirmed (+20.5%), driven by sales in the USA (+26.4%) and in Europe (+19.2%), accompanied by the increase in Greater China (+16.7%), Rest of the World (+9.3%), and the slight fall in the results on the Italian market (-2.6%);

- A significant investment plan, an increase to € 34 million over the € 16.7 million at 30th September 2012, directed towards the extension of the factory at Solomeo and the monobrand store network, with a corresponding increase in depreciation and ammortization (€ 8.3 million at 30th September 2013, compared to € 4.7 million at 30th September 2012);

- Net profit of €23.5 million (+10.2% compared to normalized net profit1 for the first nine months of 2012);

- Net debt of €23.6 million (€14.4 million at 30th September 2012) as a consequence of the investment plan, positively affected by healthy working capital management.

Revenue Performance

Net revenues for the first nine months of 2013 reached € 251,7 million, a rise of 14.3% (+15.9% at constant exchange rates) compared to € 220.2 million for the nine months ended 30th September 2012.

Revenues including other operating income totaled € 253.4 million for the nine months ended 30 September 2013, an increase of 14% over the € 222.2 million posted in the corresponding period of the previous year.

Revenues by Geographical Area

The absolute charm of the exclusivity of top range Italian products, concentrated in the “informal luxury” clothing segment, has driven the Group’s sales results up in the prestigious boutiques in the leading fashion capitals, resorts and luxury department stores.

In addition, market dynamics confirm rising demand coming from the more sophisticated consumer, a person characterized by having a developed taste and being increasingly attentive to the issues of sustainability and ethics as far as revenues and profits are concerned.

The reported results highlight two different drivers of growth, namely local consumer demand and the important contribution made by foreign tourists to the turnover achieved in the first nine months of 2013.

Click here to read full results

Brunello Cucinelli


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