2024-04-17 15:21:08 ET
Brunello Cucinelli S.p.A. (BCUCF)
Q1 2024 Earnings Conference Call
April 17, 2024, 12:00 PM ET
Company Participants
Brunello Cucinelli - Executive Chairman and Creative Director
Riccardo Stefanelli - Chief Executive Officer
Dario Pipitone - Chief Executive Officer
Moreno Ciarapica - Co-Chief Executive Officer Senior
Pietro Arnaboldi - Investor Relations and Corporate Planning Director
Conference Call Participants
Flavio Cereda - GAM
Andrea Randone - Intermonte
Oriana Cardani - Intesa Sanpaolo
Melania Grippo - BNP Paribas
Louise Singlehurst - Goldman Sachs
Chris Huang - UBS
Paola Carboni - Equita SIM
Presentation
Operator
Good afternoon. And welcome to the Presentation of Revenues for the First Quarter of 2024 of Casa di Moda Brunello Cucinelli. Speakers today are Mr. Brunello Cucinelli, Executive Chairman and Creative Director; Riccardo Stefanelli, CEO; Dario Pipitone, CFO; Moreno Ciarapica, Co-CFO Senior; and Pietro Arnaboldi, Investor Relations and Corporate Planning Director. [Operator Instructions]
Let me now give the floor to Mr. Brunello Cucinelli, please.
Brunello Cucinelli
Thank you. Good afternoon and thanks to Anna Maria who’s going to translate my presentation tonight. I hope I will be speaking slow enough for you to translate properly. So, thank you all, investors, analysts and journalists. It’s always a pleasure to hear you and the last time was about one month ago.
We are here in Solomeo, all of us with the only exception of Luca, who this morning after the Board meeting moved to Turkey where we have an event tonight. So I am replacing him. Actually, I was supposed to be traveling around. I just came back last night and I’m going back to London again tomorrow morning, but I’m here with you tonight.
So how would you like this to happen tonight? So first I’ll read the data on the sales of the first quarter that are very, very good. We’ll discuss them later. Then I’ll give you an overall summary view of the market, which we have widely discussed about one month ago at the March call time. Then we’re going to give you a summary on the 2024 forecasts that are pretty concrete at this stage. Then we would like to talk about a few very important things, the great extension of the Solomeo factory between 2024 and 2025. I’d like to discuss the factory workers’ conditions and the quality of life in our factories and the quality of life of the people working for us. Then I’d like to discuss the value of the products, which we call contemporary products. And then an important part of our discussion tonight should be dedicated to what we call exclusive and absolute luxury, which is the key issue for us. And I’d like to share with you why we decided to call it gentle luxury.
So I’ll now give you some data. Net revenues stand at €309 million with a very important growth, plus 16.5% at current exchange rates and 17.9% at constant exchange rates. Excellent results in all geographical areas and distribution channels. We feel high value perceived around the image of our brand and expression of exclusivity, rarity and also lifestyle and high-end Italian-based craftsmanship.
Revenues by geographical area are the following. Americas plus 19.5%, Europe plus 13.9%, Asia plus 16%. Sales by distribution channels; retail plus 15%; wholesale plus 19%. We confirm the estimate of a nice revenue growth in the region of plus 10% for 2024 and we believe we will also make a healthy and fair profit....
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Brunello Cucinelli S.p.A. (BCUCF) Q1 2024 Earnings Call Transcript