July 24, 2019 / 4:13 PM / 2 months ago

CORRECTED-Italy's Moncler sales accelerate further in second quarter

(Corrects revenues in the first half to 13% and not 16%)

MILAN, July 24 (Reuters) - Sales growth at Italian luxury outerwear maker Moncler accelerated further in the second quarter, posting an 18% increase at constant exchange rates, as the long-lasting appeal enjoyed by the brand showed no signs of fatigue.

In the first half of the year, revenues rose 13% at constant changes to 570 million euros ($635.15 million), slightly better than consensus of 562 million according to Refinitiv SmartEstimate.

Comparable-store sales grew by 9% in the period, a company statement said.

Last year the puffer jackets brand succeeded in changing its strategy, dubbed “Genius”, in favour of monthly collections designed by different stylists to keep up with younger and more fickle customers.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 16% to 143.6 million euros, just above a 139 million euros forecast, with core profit margins at 25.2%, broadly stable compared to a year ago.

In the statement, chairman and chief executive Remo Ruffini expressed confidence about Moncler’s results in the coming months.

$1 = 0.8974 euros Reporting by Claudia Cristoferi

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