(Alliance News) - Brunello Cucinelli Spa announced Thursday that it closed 2023 with a net profit of EUR123.8 million, up 42 percent from EUR87.2 million as of Dec. 31, 2022.

The company said it had proposed to pay a dividend of EUR0.91 per share from EUR0.65 in 2022.

Revenues in the period stood at EUR1.14 billion, up 24 percent from EUR919.7 million in 2022.

Positive contribution to results achieved by all markets: America up 21%, Europe up 17%, and Asia up 40%, with a well-balanced revenue split between Europe at 38%, America at 35%, Asia at 27%.

Excellent growth results in both Retail channel at 30% and Wholesale channel at 13%.

Ebit in 2023 was EUR187.4 million, up 39% from EUR134.4 million as of December 31, 2022.

Annual capital expenditures amounted to EUR79.1 million.

Core net debt was EUR6.1 million compared to EUR7.1 million as of December 31, 2022.

Looking ahead, "We project a positive contribution of all markets to the expected growth in the coming years, with a gradual alignment of weight among the different geographies. In particular, we think that China represents a great opportunity for us, confirming the important growth trend reported in recent years," as stated in the press note.

"The start of 2024 is excellent, with important sell-outs of the Spring Summer 2024 collections fully enhancing the beautiful feedback collected during the presentations of the collections, both from multibrand partners and the trade press. As far as the new Fall Winter 2024 Collection is concerned, the order collection reported decidedly satisfactory results, with particularly positive comments from the specialized press both at the men's presentation, first in Florence/Pitti Immagine and immediately after in Milan, as well as at the women's presentation, during the February Fashion Week in Milan."

"The excellent performance of the first months of the year, the order intake of the Fall Winter 2024 collections and the planning of selected and exclusive openings, therefore reinforce the solidity of our forecasts of a graceful growth in sales for 2024, in the region of 10 percent, with healthy and balanced profits. Sustainable growth that we also expect for 2025, where we continue to estimate solid revenue growth in the region of 10 percent."

Brunello Cucinelli closed, Thursday, up 0.8 percent at EUR116.80 per share.

By Claudia Cavaliere, Alliance News reporter

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