By Adria Calatayud
Shares of Brunello Cucinelli got a boost after the Italian luxury-fashion company raised its guidance for the full year after nine-month sales grew in all regions.
At 0733 GMT on Friday, Brunello Cucinelli’s shares traded 4.3% higher at EUR74.70.
The company now predicts revenue growth of between 20% and 22% for 2023, having previously expected a 19% rise. Brunello Cucinelli attributed the guidance upgrade to its results for the first nine months of the year and a positive response to its collections.
For the first nine months of the year, revenue grew to 818.4 million euros ($866.2 million) from EUR642.0 million a year before. The company reported a 50% revenue jump in Asia and rises of 22% and 20% in the Americas and Europe, respectively.
At constant-currency rates, Brunello Cucinelli’s revenue grew 29%, it said.
The company’s double-digit growth across all its markets defied expectations for many luxury peers, Deutsche Bank Research analyst Matt Garland wrote in a note to clients. This, together with the guidance increase, should prompt consensus expectations for 2023 sales to move up to the top end of the company’s outlook range, the analyst said.
Write to Adria Calatayud at [email protected]
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