Moncler's operating profit beats expectations, Asia boosts revenues
Corrects growth at Moncler brand to 5% from 6%, in paragraph 3
MILAN, July 24 (Reuters) -Operating profit at Italian luxury group Moncler MONC.MI beat analysts' expectations for the first half of the year, thanks in part to an 11% increase in revenues that were lifted by its performance in Asia.
The Milan-based group, known for its puffer jackets, said on Wednesday its half-year consolidated revenues totalled 1.23 billion euros ($1.34 billion), in line with a company-provided consensus.
Revenues at Moncler, the principal brand which accounts for over 80% of group sales, rose 5% in the second quarter, driven by strong growth in Japan, supported mostly by tourists, and by a positive performance on the Chinese mainland, the company said.
The group's other brand, Stone Island, reported a decline in revenues in the second quarter, mainly due to the weak performance of its wholesale channel.
First half operating profit totalled 259 million euros, with a 21% margin on revenues, above expectations of 247 million euros.
($1 = 0.9212 euros)
Reporting by Elisa Anzolin, editing by Alessandro Parodi and Keith Weir
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