Brunello Cucinelli (BC) Q3 2024 earnings summary

Executive summary

• Revenues for the first nine months of 2024 reached €922.2 million, up 12.4% at current exchange rates and 12.7% at constant rates, with balanced growth across Americas (+17.6%), Europe (+8%), and Asia (+12.2%).

• Retail sales grew 13.3% and wholesale by 11%, reflecting strong performance in both channels.

• The company maintains a confident outlook, projecting approximately 10% revenue growth for 2024, 2025, and 2026, with healthy and well-balanced profit.

• Strong sales of Fall-Winter 2024 collections and positive brand perception support the outlook.

• Focus on exclusivity, craftsmanship, and sustainable growth, with authentic client relationships.

Financial highlights

• Q3 2024 sales totaled €300 million, up 9.2% year-over-year, with retail up 10.5% and all regions contributing positively.

• Retail channel revenues rose 13.3% to €578.7 million; wholesale up 11% to €341.5 million.

• Geographic revenue mix: Americas €334.7 million (+17.6%), Europe €230 million (+5.5%), Italy €110.3 million (+13.5%), Asia €245.2 million (+12.2%).

• Online sales represent 6.5%-7% of total revenues, with the new website increasing engagement and supporting store sales.

• All product categories—apparel, accessories, fragrances, eyewear—contributed synergistically to brand identity.

Outlook and guidance

• Confirms 10% revenue growth target for 2024, 2025, and 2026, supported by strong order books and brand momentum.

• Expects continued growth in Q4, with seasonality favoring winter collections.

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

• EBIT margins are projected to improve slightly year-over-year.

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