Italy’s Cucinelli posts 39% jump in 2023 EBIT, confirms guidance

By Thomson Reuters Mar 14, 2024 | 11:53 AM

MILAN (Reuters) – Italian luxury group Brunello Cucinelli said on Thursday its operating profit rose 39.4% last year and it confirmed its expectations for sales growth of around 10% in 2024.

“The first quarter of this 2024 is drawing to a close with particularly pleasing results, and in view of the good order intake for Men’s – Women’s Fall/Winter 2024, we envisage a gracious growth in sales of around 10% for this year, resulting in healthy and balanced profits”, the group’s founder and Executive Chairman Brunello Cucinelli said in a statement.

The brand known for its cashmere clothing posted earnings before interest and taxes (EBIT) of 187.4 million euros ($204.1 million), broadly in line with analysts’ forecasts based on a consensus provided by LSEG.

($1 = 0.9184 euros)

(Reporting by Elisa Anzolin, editing by Gianluca Semeraro)