2023-04-05 17:37:02 ET
- Ermenegildo Zegna press release ( NYSE: ZGN ): FY Revenue of €1.49B (+15.5% Y/Y), in line with mid-teens guidance; solid double-digit growth in both Zegna and Thom Browne segments.
- FY 2022 and 4Q 2022 Revenue growth of 42% and 24.7% year-over-year, respectively, excluding the Greater China Region
- The Group expects an increase in Cash Surplus in the second half of 2022, in line with guidance
- Early signs of recovery seen in the Greater China region.
- Outlook: The Group expects a moderate improvement in Adjusted EBIT and a substantial improvement in Profit for FY 2022 compared to 2021 despite significant headwinds in the GCR. The Group also continues to expect a Cash Surplus increase in the second half of the year, in line with guidance. Medium-term targets remain unchanged as Zegna continues to focus on executing its strategy, targeting €2 billion in revenues and 15% Adjusted EBIT Margin in the medium term, excluding the TOM FORD fashion business. This outlook assumes no further future escalation of the war in Ukraine, no significant macroeconomic deterioration, no further disruption linked to the COVID-19 pandemic in the GCR or elsewhere, and no other unforeseen events.
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Ermenegildo Zegna reports FY results