Sales at Italy's Moncler rise 10% in third quarter despite Hong Kong hit
today Oct 24, 2019
Revenues at Italian luxury outerwear maker Moncler rose by 10% at constant exchange rates in the third quarter, slightly above market expectations, despite a “subdued performance” in Hong Kong due to months of protests.
In the first nine months sales grew by 12% at constant rates to 995.3 million euros ($1.1 billion) compared with an average analysts estimate of 990 million euros, according to a Reuters poll.
The Asia and rest of the world area, which account for about 40% of total revenues, posted a 15% increase in the third quarter, thanks to Japan, Mainland China and Korea, the group said on Thursday. Sales in Italy grew by 4% and Europe by 7%.
After being forced to temporarily close shops, Moncler’s sales were down 40% in Hong Kong in the third quarter. Moncler also flagged that there were no signs of improvement in Hong Kong at the start of the fourth quarter.
The puffer jacket maker said it had postponed or put on hold some investments in communication there, and was in talks with landlords to obtain lower rents.
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