Moncler (MONC) H1 2024 earnings summary

Executive summary

• H1 2024 consolidated revenues rose 11% at constant FX to €1,230.2 million, with EBIT up to €258.7 million and net income at €180.7 million, reflecting strong DTC channel growth and improved profitability.

• Moncler brand revenues grew 15% at constant FX to €1,041.3 million, while Stone Island declined 5% at constant FX to €188.9 million, with DTC strength offsetting wholesale weakness.

• Group operating profit exceeded €250 million, with EBIT margin at 21% versus 19.2% last year; net income margin improved to 14.7%.

• Net cash position at end of June was €845.8 million after €303.1 million dividend payment.

Financial highlights

• Group revenues: €1,230.2 million in H1 2024, up 11% at constant FX.

• Gross margin improved to 76.7%, mainly due to higher DTC channel contribution.

• EBIT margin: 21.0% (vs. 19.2% last year); EBITDA adj. margin: 35.1%.

• Free cash flow: €125.6 million, a significant improvement from -€33.9 million last year.

• Net CapEx: €56.1 million, focused on distribution network and IT/digital projects.

Outlook and guidance

• Management remains cautious amid volatile macroeconomic and luxury sector normalization, focusing on operational flexibility and selective growth.

• Gross margin expected to remain strong in H2, driven by DTC channel, but the extent of expansion is uncertain.

• Moncler will reinforce its three brand dimensions with major events and marketing, while Stone Island will continue its international development and selective wholesale strategy.

• CapEx guidance maintained at ~6% of revenues for the year.

• Wholesale revenue for Moncler expected to decline high single digits in H2; Stone Island wholesale to remain weak but DTC to grow.