To confirm and strengthen the preliminary data on net revenues announced on July 13th comes, from the board of directors of Brunello Cucinelli, the approval of the complete results of the first half of 2021. To be compared not so much with those of January-June 2020, strongly influenced by the lockdowns, but with the first half of 2019, when the outbreak of the pandemic was simply unimaginable. The turnover of the high-end brand in the first half of the year reached 313.8 million, exceeding by 7.7% (+ 10% at constant exchange rates) that of 2019 and by 52.9% at current exchange rates (+ 57.7% at constant exchange rates). constant exchange rates) that of 2020.
Profitability at pre-Covid levels
As for the entire sector – thanks to the recovery in the United States, alongside that, already underway in the second half of 2020, in Asia – the second quarter did even better, closed at 149.2 million (+ 13.8% compared to the period May-June 2019). Profitability indices are also very positive, in turn returning to pre-pandemic levels. Ebitda went from 3.4 to 80.6 million (with an incidence of 25.7% on turnover), higher than that of the first half of 2019 (79.2 million); Ebit was 25.3 million (it was 39 two years ago); compared to a loss of 47.7 million in the first half of 2020, a net profit of 21.9 million was recorded in 2021, slightly lower than that of 2019 (25 million).
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Annual forecasts based on orders
Based on the ongoing sales of the autumn-winter 2021 collections (which are already in store) and thanks to the orders for the spring-summer 2022 of the women’s and men’s lines presented in recent months between Milan and Florence, Brunello Cucinelli hypothesizes for 2021 an increase in turnover of 20% and a return, for 2022, at a rate of + 10%, or rather the growth that the founder, president and CEO of the company likes to define as “healthy”.
There remain the unknowns related to the pandemic, against which Cucinelli is committed
since 2020: it has supported research and studies, set up a vaccination hub and promoted the immunization of employees. The stock closed at € 48.4 (-2.4%).