Brunello Cucinelli (BC) Q3 2024 earnings summary

Executive summary

• Revenues for the first nine months of 2024 reached €922.2 million, up 12.4% year-over-year at current exchange rates and 12.7% at constant rates, with strong momentum and positive brand perception.

• Growth was well-balanced across geographies: Americas +17.6%, Europe +8%, Asia +12.2%.

• Retail sales grew 13.3%, while wholesale increased 11.0%, both channels contributing to the increase.

• The company maintains a confident outlook, projecting approximately 10% revenue growth for 2024, 2025, and 2026.

• EBIT margins are expected to slightly improve versus last year, with a focus on exclusivity and sustainable growth.

Financial highlights

• Net revenues for 9M 2024 reached €920.2 million, up 12.4% year-over-year at current exchange rates and 12.7% at constant rates.

• Q3 2024 sales totaled €300 million, growing 9.2% compared to the same quarter last year.

• Retail channel revenues rose 13.3% to €578.7 million; wholesale channel up 11.0% to €341.5 million.

• Revenue growth of €100 million year-over-year, with €50 million from North America and €25 million each from Asia and Europe.

• Online sales represent 6.5%-7% of annual revenues, with strong engagement on the new website.

Outlook and guidance

• Revenue growth of about 10% is projected for 2024, 2025, and 2026, with healthy profit margins.

• Plans to double 2023 turnover by 2030, supported by significant investments in production and retail expansion.

• Fourth quarter expected to show absolute growth, though percentage growth may be milder due to strong prior-year comparables.

• Store expansion continues at a steady pace, with new openings planned in North America, Asia, and the Middle East.

• Healthy and balanced profit expected, with continued focus on exclusivity and craftsmanship.