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Article Date: July 2020
Word Count: 364

Moncler Posts H1 Loss on Store Closures in All Markets


Net loss at the luxury outerwear maker was €31,632,000 ($34.8 mm) in the first half against a profit of €69,989,000 last year, as store closures that lasted through Apr. and May in many markets sent sales plunging 29% to €403,334,000 ($444.2 mm) from €570,246,000. MONC’s always stellar gross margin slipped 740 basis points to 69.3% hurt by writedowns of excess Spring/Summer inventory and SG&A deleveraged on continued fixed costs at stores while they were closed. Retail sales were down 31% to €300.5 million, with more than half the store fleet closed for two months, but helped by double-digit growth from ... Log in to view full article.

 


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