Italian luxury outerwear maker Moncler posted a 14 percent growth in first quarter revenues at current exchange rates, helped by strong sales in mainland China and South Korea.
MILAN, May 9 (Reuters)
Sales in the first three months of the year rose to 378.5 million euros ($424.9 million), slightly better than an average analyst estimate of 374 million, according to a Reuters survey.
Stripping out the impact of currency moves, sales increased by 11 percent.
The puffer jackets brand last year changed its strategy in favour of monthly product launches to keep up with the luxury fashion industry’s younger and more fickle customers, and that seems to be paying off.
Sales grew 19 percent at current exchange rates in 2018.
“These figures, together with our performance over the past few weeks and the important projects that await us, make me look into the future with high confidence, even if we all know very well that the basis of comparison remains important,” Moncler Chief Executive Remo Ruffini said in a statement.
$1 = 0.8903 euros Reporting by Claudia Cristoferi, editing by Silvia Aloisi