Moncler : The slowdown was stronger than expected, the outlook even more uncertain
>A sharper slowdown than expected in Q3 with Moncler DTC just flat - After the already visible slowdown in Q2 (total revenue growth of just +3% cc), Q3 revenue of € 635.5m marks a further slowdown with y-o-y growth now negative at -3%, we had expected c.-1% based on a Q3 revenue forecast of € 648.5m, while the company-compiled consensus was at € 645m, reflecting growth of c.-1.5%. The disappointment was slightly more visible on the Moncler brand (Q3 revenue of € 532m...Moncler is a jacket and sportswear production group based in Italy. Co. directly produces and distributes its own clothing and accessories collections, through its direct boutiques and exclusive department and multibrand stores. Co. branded products range from the high fashion segment with the Gamme Rouge and Gamme Bleu collections (exclusive products and selected distribution to boutiques) to the Grenoble collection (sporting and technical garments). As of Dec 31 2013, Co. operated a network of 135 stores, including 107 directly operated stores (DOS) and 28 wholesale stores (27 shop-in-shop and 1 franchise store).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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