“We are very, very satisfied with the data from the 1st quarter of 2021. It continues the positive trend set from the 2nd semester of 2020 onward”. In other words, from January 2021 to March 2021, Brunello Cucinelli’s sales surpassed expectations set by analysts and (also) that of the same period of 2019. The result allows the company to increment the forecast for the entire year, which estimated to close with revenue up by between +15% and +20% compared to 2020 (earlier expectation was of +15%), and later increment the performance by +10% in 2022.
We are sastified
Cucinelli closed the first quarter of 2021 with 164.6 million euro of net revenue, +5.1% at current rates (+7% at constant rates), compared to 2020. Borsa Italiana reported that Mediobanca expected revenue to be about 162 million euro. While Italy and the Americas have the “-“ sign, growth in Asia was robust (+28.9%). Compared to the 1st quarter of 2019, sales went up 2.6% at current rates (+3.3% at constant rates). ). Reuters commented that during the analysts’ call, Brunello Cucinelli claimed to have forecasted an EBITDA of between 13% to 14% in 2021 and of 17% in 2022.
The year for balance
“The performance of Q1 of 2021 has been titles the year for balance, and it was very, very positive. This tells us that the desire to return to normal life is very strong”, says Cucinelli. Which believes that “2021 will be a year with great revenue growth of between +15% and +20%. We also see a healthy increase of sales for the year 2022, around +10%”. The company trusts it will be able to re-align the objectives to the first 5-years (2019 – 2023) of the 10-year plan for 2019-2028, which should bring revenue to double by 2028, to about 1.1 billion euro.
Images: on the right from shop.brunellocucinelli.com, and on the left by Imagoeconomica