Moncler: posts first loss since IPO
(CercleFinance.com) - Shares of the Italian maker of fashionable puff jackets Moncler, are down over 4% in Milan on Tuesday, after it reported its first loss since its IPO in 2013, with the coronavirus pandemic having devastated the luxury industry.
The Milan company - whose jackets sell for at least 1,000 euros - posted a net loss of 31.6 million euros for the first six months of 2020, compared to a net profit of 70 million euros a year earlier.
Moncler said sales reached 403.3 million euros in the first half of the year, slightly below consensus. At current exchange rates, sales dropped by 29% compared to the same period of 2019.
Sales in China and its online business recorded "double-digit growth" in the second quarter, the group said, but sales crumbled 39% in Italy in the fist half of the year.
"It is difficult to know how the second half of the year will evolve," warned Chairman and Chief Executive Remo Ruffini in a statement, which triggered a sell-off on Tuesday morning.
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