Moncler saw consolidated revenues increase by 14 percent to €378.5 million in the first quarter, despite a highly challenging comparison against the first quarter of 2018, when sales grew by 19 percent. At constant exchange rates, consolidated revenues increased by 11 percent versus last year's first quarter. The growth was helped by strong sales in China and South Korea.
The company achieved solid increases in all regions. In Italy, revenues rose by 6 percent, mainly driven by the retail channel. In the EMEA region, excluding Italy, revenues grew by 12 percent, with solid growth in both the retail and wholesale distribution channels, and important growth rates especially in the Middle East, Germany and the U.K.
In Asia and Rest of the World, revenues increased by 17 percent at current exchange rates, or by 12 percent at constant exchange rates, with China's mainland again driving the growth in the region, along with South Korea. Meanwhile, growth in Japan and the rest of Asia was influenced by a highly challenging comparison base. In the Americas, revenues grew by 17 percent at current exchange rates, or by 9 percent at constant exchange rates, driven by important improvements in both distribution channels and in the two main markets, which are the U.S. and Canada.
By distribution channel, retail revenues for the first quarter were €291.4 million, up by 14 percent from the first quarter of 2018, or by 10 percent at constant exchange rates. The retail performance was driven by growth on a same-store basis, the continued development of the mono-brand retail store network and strong e-commerce performance.
Wholesale revenues were €87.1 million, representing a 15 percent increase at current exchange rates and a 13 percent increase at constant exchange rates, driven by the newly-opened mono-brand wholesale stores, the positive reception of the spring/summer 2019 collections, and the further development of the e-tailers, the company said.
As of March 31, 2019, Moncler's mono-brand distribution network consisted of 197 retail directly operated stores (DOS), a net increase of four units compared with Dec. 31, 2018, and 61 wholesale shop-in-shops (SiS), a net increase of six units compared with Dec. 31, 2018.
In the first quarter of 2019, Moncler opened, among others, a flagship store in Singapore at the Marina Bay Sands shopping mall as well as a second store in Sydney, Australia. It also relocated its store in Copenhagen, which has become the group's flagship store for the North European markets.