Q2 2024 Brunello Cucinelli SpA Earnings Call Transcript
Key Points
- Revenues increased by 14% at current exchange rates and 14.7% at constant exchange rates compared to the first half of 2023.
- EBIT rose by 19% to EUR104 million, with a margin improvement from 16.1% to 16.9%.
- Net profit increased by 31% to EUR66 million, with a margin of 10.6%.
- Investments grew to nearly EUR50 million, supporting future growth and production capacity.
- Strong performance in key markets, including the United States, China, and Europe, with healthy growth in retail and digital sales.
- Core net financial debt increased to EUR68 million from EUR38 million last year.
- Operating costs rose by 21.4%, driven by in-house production expansion and personnel costs.
- Personnel costs increased by 21.3%, reflecting higher operating expenses.
- Rent costs grew by 14.1%, influenced by new openings and renovations.
- Inventory levels increased to 28.1% of rolling turnover, indicating higher stock levels.
(interpreted) Good afternoon. Welcome to the presentation of the results for the first half of 2024 of Casa di Moda Brunello Cucinelli. Speakers tonight will be Brunello Cucinelli, Executive Chairman and Creative Director; Luca Lisandroni, CEO; Riccardo Stefanelli, CEO; Dario Pipitone, CFO; Moreno Ciarapica, Co-CFO Senior; and Pietro Arnaboldi, Investor Relations and Corporate Planning Director. (Operator Instructions).
Let me now give the floor to Mr. Brunello Cucinelli. Please.
(interpreted) Good afternoon. Welcome back from the holidays. I hope you had a nice rest. And as far as I am concerned, I spent maybe 10 days of holidays in Sardinia, but I was actually so busy that I don't know whether it's really a holiday, but it was a pleasure. So thank you very much for being back again. And tonight, we would like to give you a good update on 2024. And we would like to discuss '25 and '26 as well. As usual, all of us around the
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