MILAN (Reuters) – Luxury puffer jacket maker Moncler said on Thursday sales increased by 21% at constant exchange rates in the first quarter of the year, a touch better than analyst expectations, pushed by a strong growth in Asia and solid signs of recovery in North America.
Revenues in the January-March quarter totalled 365.5 million euros ($439.22 million), compared to 361 million euros expected on average by analysts, according to a Refinitiv consensus.
Sales jumped by 53% in Asia in the period, boosted in particular by China and Korea, and grew 34% in the Americas, while remaining weak in Italy and the rest of Europe.
Moncler’s rebound in the first quarter, when sales were broadly in line with those in the first quarter of 2019, echoes the recent strong results by other luxury groups like LVMH, Kering and Hermes, signalling a comeback for the sector after the unprecedented fall in sales due to the pandemic.
(Reporting by Claudia Cristoferi, editing by Giulia Segreti)
