Brunello Cucinelli reports 6,3% profit increase for the first half of 2016
Italian luxury Brunello Cucinelli earnings before interest, tax, depreciation and amortisation (EBITDA) totalled 35.5 million euros ($40 million), or 16.1 percent of sales. That compares with an EBITDA margin of 16.6 percent in the first half of 2015.
The EBITDA margin was 16.7 percent in January-June 2016 when excluding the one-off payment of 1.29 million euros to Fabio Gnocchi, who stepped down as co-head of the group’s commercial division in the period.
“At this point practically two-thirds into the year, we can safely predict healthy revenue and profits growth for 2016,” Chief Executive and Chairman Brunello Cucinelli said in a statement, also welcoming a positive outlook for the Italian market.
Cucinelli reported in July a 10 percent rise in revenues for the first half, helped by growth in all its markets and the opening of five new directly-owned shops this year.