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MILAN, Italy — Moncler SpA, an Italian maker of $1,240 quilted jackets, said it's confident it can keep growing after reporting 2014 profit that beat analysts' estimates as sales accelerated in the final months of the year.
Adjusted earnings before interest, taxes, depreciation and amortization rose to 232.9 million euros ($258 million) from 191.7 million euros a year earlier, Milan-based Moncler said Wednesday in a statement after markets closed. Analysts expected 222.8 million euros, according to the average of estimates compiled by Bloomberg.
Moncler, which sold shares in an initial public offering in late 2013, is enlarging its store network and product range as it seeks a larger slice of the luxury apparel and accessories market that Bain & Co. has estimated reached $120 billion in 2014. The expansion is aimed at maintaining growth that's outpacing rivals amid cooling demand.
"I have confidence in our growth despite the persistence of a number of uncertainties in the world," Moncler Chief Executive Officer Remo Ruffini said in the statement. Revenue increased 21 percent at constant currency rates to 694.2 million euros, also exceeding estimates.
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The shares rose 0.6 percent to 13.39 euros at the close in Milan, valuing Moncler at 3.3 billion euros.
The apparel maker “still has untapped potential for retail expansion in many markets outside of Italy,” HSBC analysts led by Erwan Rambourg said in a report last month. “Moncler should continue to outperform its sector peers.”
By: Andrew Roberts; editors: Thomas Mulier, Paul Jarvis.
