Italy · Delayed Price · Currency is EUR Moncler Earnings Call Transcripts
Fiscal Year 2026
-
Q1 2026 saw 12% revenue growth at constant FX, led by strong DTC performance and double-digit gains for both brands, especially in Asia. EMEA lagged due to weaker tourism, while currency headwinds impacted reported growth. Store expansion focuses on the Americas and Asia-Pacific.
Fiscal Year 2025
-
FY2025 revenues reached €3.13B with strong Q4 growth in both Moncler and Stone Island, and EBIT margin at 29.2%. Chinese sales grew double digits, US and Asia remain key growth areas, and a €1.4/share dividend is proposed. FX and inventory strategies are closely managed.
-
Nine-month revenues were flat year-over-year at €1.84 billion, with Q3 down 1%. DTC and Wholesale channels showed sequential improvement, and Stone Island DTC grew 11% in Q3. EBIT margin guidance aligns with consensus, and management remains cautiously optimistic for Q4.
-
H1 2025 revenues grew 1% at constant FX to €1.226 billion, with EBIT margin at 18.3% and net cash at €981 million. D2C growth offset wholesale declines, but Q2 saw a slowdown due to weak tourism and macro headwinds. Guidance remains cautious, with focus on cost control and selective expansion.
-
Q1 2025 revenues rose 1% at constant FX, with DTC growth offsetting wholesale declines. Moncler and Stone Island saw strong Asia performance, while macro volatility and U.S. tariffs remain key risks. Wholesale is expected to stay negative through 2025.
Fiscal Year 2024
-
Group revenues surpassed EUR 3.1 billion in 2024, with robust DTC growth and a resilient EBIT margin of 29.5%. Moncler and Stone Island both saw strong Q4 momentum, especially in Asia, while the group increased its dividend and maintained a strong cash position.
-
Nine-month revenues rose 6% year-over-year, but Q3 saw a 3% decline amid macro headwinds and weak online sales. DTC outperformed wholesale, with Stone Island's DTC up 28% in Q3. Operating margin consensus of 29% is seen as challenging but achievable.
-
Group revenues grew 11% at constant FX in H1 2024, with Moncler up 15% and Stone Island down 5%. Gross margin rose to 76.7% and net income increased 24% year-over-year. DTC channels drove growth, while wholesale declined; outlook remains cautious amid market uncertainties.