First-half net income at the luxury skiwear and apparel company declined 18% to €153,460,000 ($179.5 mm) from €180,741,000 on revenue just south of flat at €1,225,665,000 ($1,434.0 mm) compared to €1,230,163,000 (+1% CC). Gross margin improved 20 basis points to 76.9%, while SG&A increased 5% in Euros, resulting in a 290-b.p. decrease to 58.5% of sales. This primarily reflected marketing expenses being pulled forward into H1 compared to H2 the previous year.

Moncler brand sales ticked lower to €1,039.0 million but were +1% CC. Americas came in flat for the half (+1% ... Log in to view full article.