// Moncler posts first ever first-half operating loss due to coronavirus pandemic
// The retailer did not provide a forecast for the rest of the year
Moncler has reported a first-half operating loss for the first time in its history as its sales dropped thanks to the Covid-19 crisis.
The luxury retailer did not set a forecast for the rest of the year but said it expected no immediate recovery following the lockdown ease.
“It is difficult to know how the second half of the year will evolve,” Moncler chairman and chief executive Remo Ruffini said.
READ MORE:
“I believe, however, that what we are facing will continue to have a significant impact for several months on, at least in some parts of the world.”
Moncler’s sales in the second quarter were down by 50 per cent, following an 18 per cent drop in the first quarter.
Meanwhile, EBIT in the first half recorded a loss of €35.5 million (£31.8 million), after writedowns of €30 million (£26.8 million) to cover unsold inventory from Moncler’s Spring/Summer range.
In April, Moncler scrapped its 2019 dividend after the first-quarter sales drop.
Moreover, Moncler said on Monday that it would bring its online channel in-house with a view to double the share of its online business over the next three years.
In the first half of 2020, Moncler’s online business continued to grow in double-digit percentages as coronavirus drove consumers to shop online.
Click here to sign up to Retail Gazette‘s free daily email newsletter
