Last night, Moncler announced better-than-expected annual results, boosted by accelerating sales growth within its own distribution network at the end of the year.

The luxury down jacket manufacturer said it expected sales to rise by 17% to 2.98 billion euros in 2023, including 15% growth at constant exchange rates.

Its operating income before non-recurring items (Ebit) reached 893.8 million euros, up from 774.5 million a year earlier, representing an improved operating margin of 30%, compared with 29.8% in 2022.

Annual net profit stood at 611.9 million euros, compared with 606.7 million euros in 2022.

In a research note, RBC analysts express their admiration for the Milan-based group's ability to post steady growth, highlighting a commercial dynamic "among the best in the luxury sector".

The Canadian broker thus expects double-digit growth in 2024, despite the economic uncertainties currently affecting the market.

On Euronext Milan, the mountain clothing and accessories manufacturer's shares were up almost 6% by mid-day, the second highest rise on the MIB index.

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