Moncler (MONC) H1 2024 earnings summary

Executive summary

• Group revenues rose 11% at constant FX in H1 2024 to €1,230.2m, with Moncler brand up 15% to €1,041.3m and Stone Island down 5% to €188.9m; strong DTC growth offset wholesale weakness.

• Operating profit (EBIT) reached €258.7m (21% margin), with net income at €180.7m (14.7% margin), both up year-over-year.

• Net cash position at end of June was €845.8m after €303.1m dividend payment, up from €471m a year ago.

• Both brands delivered strong DTC channel growth, with Moncler DTC up 19% and Stone Island DTC up 29%.

• Management remains cautious due to market volatility and sector normalization.

Financial highlights

• Group revenues: €1,230.2m 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); net income: €180.7m, up 24% year-over-year.

• Free cash flow: €126m, a significant improvement from -€34m last year.

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

Outlook and guidance

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

• Operating profit ambition remains in line with previous years, but management is cautious due to market uncertainties.

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

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

• Focus on operational flexibility and selective growth amid volatile macroeconomic environment.