In This Article:
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Group Revenue: Above EUR 3.1 billion.
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EBIT Margin: 29.5%.
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Cash Balance: EUR 1.3 billion.
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Moncler Revenue: EUR 2.707 billion, up 8% compared to 2023.
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Moncler D2C Revenue: EUR 2.332 billion, up 11% versus 2023.
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Moncler Wholesale Revenue: EUR 375 million, down 7% versus 2023.
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Stone Island Revenue: EUR 401 million, down 1% compared to 2023.
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Stone Island D2C Revenue: EUR 209 million, up 23%.
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Stone Island Wholesale Revenue: EUR 192.7 million, down 19%.
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Total Store Count: 286 for Moncler and 90 for Stone Island.
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Net Income Margin: 20.6%.
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Dividend Proposal: EUR 0.30 per share, with an expected cash out of about EUR 350 million.
Release Date: February 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Moncler SpA (MONRF) achieved group revenues above EUR3.1 billion in 2024, with both Moncler and Stone Island delivering double-digit growth in the DTC channel.
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The company maintained a resilient EBIT margin at 29.5% and reached EUR1.3 billion of cash on its balance sheet.
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Moncler SpA's sustainability efforts have been recognized in key rankings, showcasing their commitment to environmental and social responsibility.
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The Moncler Grenoble event in St. Moritz and Moncler Genius in Shanghai were successful in reshaping the brand experience and increasing global brand awareness.
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Stone Island has focused on refining its product offering, elevating its distribution footprint, and establishing a distinctive brand positioning, leading to improved brand visibility and engagement.
Negative Points
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The global macro environment remains uncertain, posing potential challenges for future growth.
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Moncler SpA's wholesale revenues declined by 7% in 2024, impacted by challenging market trends and distribution upgrades.
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Stone Island's total revenues decreased by 1% compared to 2023, indicating a need for further brand development and market penetration.
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The company faces a high comparable base and macroeconomic conditions that could affect future performance, particularly in key markets like Japan and Korea.
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Despite positive results, Moncler SpA's operating profit margin slightly decreased from 30% in the previous year to 29.5% in 2024.
Q & A Highlights
Q: Given the vitality and resonance of the Moncler brand, how do you view the long-term growth prospects, and what role does pricing play in this? A: Luciano Santel, Executive Director, Group Chief Corporate and Supply Officer, stated that the growth rate is expected to be closer to mid-single digits due to the expansion and relocation of existing stores. Pricing is expected to increase mid-single-digit due to inflation, with no significant price hikes anticipated unless driven by inflation.