Brunello Cucinelli 2015 full year profit rises 5%
Italian luxury brand Brunello Cucinelli reports an 11 percent rise in 2015 full-year core profit net of extraordinary items and said revenues would rise double-digit this year.
Cucinelli’s EBITDA came in at 69 million euros, in line with a Thomson Reuters estimate and up from a 2014 EBITDA of 62 million euros net of the proceeds from a property sale.
Net profit also met expectations at 33 million euros, rising 5 percent from 2014 when excluding the one-off capital gain.
The EBITDA margin however declined to 16.7 percent of revenues from 17.5 percent a year earlier. Cucinelli said it expected to start generating cash from 2016 with a gradual positive impact on net debt.
Cucinelli reported in January a 10 percent rise in 2015 revenues at constant exchange rates. Sales were up 16 percent when including the boost from currencies.