Moncler reported consolidated revenues of €407.6 million for the first half of the year, up by 17 percent at constant exchange rates and 18 percent at current exchange rates as compared to the first half of 2016. The second quarter was the 14th consecutive quarter of double-digit growth for Moncler since it was listed in 2013.
For the first six months of this year, adjusted Ebitda rose to €97.0 million from €78.3 million, resulting in an Ebitda margin of 23.8 percent as compared to 22.6 percent in the first half of 2016. The group net income of €41.8 million compared to net income of €33.6 million in the first half of 2016. The consolidated gross margin reached 75.6 percent of revenues, and was up from 74.1 percent in the same period of 2016, thanks mainly to further strong growth in the retail channel.
In Italy, where the group is headquartered, revenues rose by 7 percent in the first half of 2017, driven by good results in all distribution channels, with an acceleration at retail in the second quarter. Domestic revenues accounted for 14.3 percent of the total revenues in the first half.
In the Europe, Middle East and Africa (EMEA) region, excluding Italy, revenues increased by 24 percent at constant exchange rates and 20 percent at current exchange rates, driven by outstanding performances in both the retail and wholesale channels and across all main markets. The growth was particularly strong in France and the U.K.
In the Americas, revenues grew by 16 percent at constant exchange rates and 19 percent at current exchange rates, supported by double-digit growth in both distribution channels as well as the continued development of the mono-brand stores network.
In Asia & Rest of the World, revenues increased by 17 percent at constant exchange rates and 19 percent at current exchange rates. Korea posted outstanding results, the company said, driven by the ongoing development of the retail network. In Japan, both distribution channels continued to record double-digit growth. Good organic growth was reported in other parts of the Asia-Pacfific region, particularly in the second quarter. Revenues in Asia & Rest of the World accounted for 39.1 percent of the total revenues in the first half, the largest revenue share by region.
By distribution channel, the company's total revenues from its own stores reached €299.5 million in the first half, up by 21 percent at constant exchange rates or 22 percent at current exchange rates, thanks to solid 14 percent growth on a same-store basis and the continued development of the network of mono-brand retail stores.
As at June 30, 2017, Moncler's network of mono-brand stores comprised 191 directly operated stores (DOS), an increase of one unit versus Dec. 31, 2016, as well as 46 wholesale shop-in-shops, an increase of four units versus Dec. 31, 2016. Wholesale sales reached €108.1 million, representing an increase of 8 percent at both constant and current exchange rates, driven by good results in the U.K., Canada and Japan.
Moncler's board of directors has approved an amendment to the company's joint venture agreement with Yagi Tsusho (Yagi) for the incorporation of Moncler Japan, in which the company owns 51 percent of the share capital, while the remaining 49 percent is owned by Yagi. The amendment provides for an extension of the term of the joint venture agreement for an additional five years after its current expiration term of Dec. 31, 2018, thus until Dec. 31 2023, with a gradual buyback of Yagi's minority stake by Moncler.