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Cucinelli's IPO Year Ends on High Note
MILAN
-- Brunello Cucinelli SpA closed the year of its initial public offering with an increase in profits and sales.
Expansion at both the retail and wholesale channels outside Italy helped the luxury firm increase net profits by 26.2 percent to 26.5 million euros, or $34 million, excluding nonrecurring costs related to the IPO, and compared with profits of 21 million euros, or $29.2 million, in 2011. Costs related to the IPO totaled 6.2 million euros, or $8 million, and were incurred as part of the listing process.
In the 12 months ended Dec. 31, sales gained 15.1 percent to 279.3 million euros, or $357.5 million, compared with 242.6 million euros, or $337.2 million, in the previous year. Dollar amounts have been converted at average exchange for the periods to which they refer.
Chairman and chief executive officer Brunello Cucinelli defined 2012 as a "particularly special" year, in light of the company's listing in April and the foundations set for future growth.
"The 2011-15 major investment plan is bearing fruits: we have achieved excellent results in terms both of sales and operating profit," said Cucinelli.
In a conference call with analysts,...