Corrected: Moncler reports flat Q3 revenue, held back by weaker tourist spending in Europe
CORRECTED-Moncler reports flat Q3 revenue, held back by weaker tourist spending in Europe Corrects revenue growth at Stone Island in paragraph 2 to 5% not 4%, and Moncler's revenue growth in Asia in last paragraph
MILAN, Oct 21 (Reuters) - Italian luxury outerwear group Moncler MONC.MI reported broadly flat third-quarter revenue at constant exchange rates on Wednesday, feeling the effects of a decline in Europe driven by weaker tourist spending.
The performance was also weighed down by the core Moncler brand, known for its puffer jackets, which posted a 1% decline in revenue during the quarter. The group's smaller Stone Island label helped to underpin results, recording a 5% increase in revenue.
Group revenue for the July-September period totalled €606 million ($680 million), above analysts' consensus expectations of €597 million compiled by the company.
Given Moncler's predominantly winter-focused business, the third quarter accounts for only a limited share of annual revenue, although the company has sought in recent years to reduce seasonality and broaden its product offering.
Third-quarter revenue at the Moncler brand fell 8% in Europe, while sales in the Americas rose 2%, marking a slowdown from previous quarters. In Asia, the brand posted mid single-digit growth.
($1 = 0.8914 euros)
(Reporting by Elisa Anzolin
Editing by Keith Weir)((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))
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