Brunello Cucinelli, profits raced to 66,1 million euros (+31%) in the first half of 2024

«We closed the first half of 2024 with particularly excellent results. Sales were strong, profits positive and balanced, the brand's health is thriving, and the feedback on our product offerings has been very positive». Brunello Cucinelli enthusiastically commented on the semi-annual financial report approved today by the board of directors of the Solomeo brand. As anticipated last month, the Umbrian company led by the namesake entrepreneur confirmed revenues of 620,7 million euros, up 14.1%, with excellent results also reported in terms of margins.

Ebitda amounts to 177,8 million euros, up 14.8% with a margin of 28.6%. Operating profit reached 104.6 million euros, an increase of 19.3% compared to last year's 87,7 million euros, with a margin of 16.9% compared to 16.1% as of June 30, 2023. Net profit is also on the rise, up 31.1% to 66,1 million euros, with a revenue incidence of 10.6% compared to last year's result, which was adjusted due to the effects of an extraordinary capital gain. Investments since the beginning of the year totaled 44,8 million euros and «are part of the plan that will support the growth project and ensure production capacity for the next decade», the company’s executive chairman and creative director specified.

Net financial debt stands at 68,7 million euros, compared to 38,6 million euros as of June 30, 2023. «We had an excellent end to the summer sales and started the winter sales very, very well. All of this leads us to confirm the expectation of a revenue increase for the entire year 2024 of around +10% with healthy and sustainable profits», Cucinelli concluded. (all rights reserved)