By Claudia Cristoferi

MILAN (Reuters) -First quarter gross sales at Italian style group Moncler jumped by 60%, beating as soon as once more analysts expectations, pushed by a powerful efficiency in China that offset new Covid-19 restrictions, in addition to a surge in U.S. and on-line gross sales.

The luxurious outwear maker will maintain an investor presentation on Thursday, its first because the outbreak of the coronavirus pandemic and the acquisition of streetwear model Stone Island in 2020.

Total revenues for the three months to finish March totalled 589.9 million euros ($622 million), up 60% from the identical interval a yr in the past and above an analyst consensus for 564 million euros offered by the corporate.

Moncler, like most different rivals, has seen gross sales increase in Europe and the USA as COVID-19 restrictions eased however faces a setback in the important thing Chinese language market the place a strict lockdown has been imposed within the luxurious hub of Shanghai and different cities since March.

On Wednesday it stated round 30% of its primary model’s shops in China have been at present closed due to the restrictions, up from 10% in March. Gross sales within the nation posted double-digit development within the first three months of the yr.

Simply over a 3rd of Moncler’s retail gross sales got here from China final yr however the model is much less uncovered than rivals as most of its first quarter gross sales happen in January and February, in keeping with analysts, and the second quarter is seasonally much less essential for the group’s annual earnings.

International quarterly gross sales of the primary Moncler model, identified for its puffer jackets and outside clothes, grew by 29% at fixed alternate charges to 473.4 million euros within the quarter, in contrast with a mean analyst estimates of 459 million euros.

Stone Island, consolidated within the group’s accounts since April, booked gross sales of 116.5 million euros gross sales in contrast with 105 million euros anticipated by analysts.

The affect of the battle in Ukraine and rising inflation are additionally themes dominating investor sentiment.

“I stay optimistic concerning the future”, Chairman and Chief Govt Remo Ruffini stated in a press release.

UBS analysts stated the group was set to be one of many largest beneficiaries of the return of tourism to Europe, including that the six months from March to August account for only one third of its yearly gross sales, thus mitigating the doable danger of extended lockdowns in China.

($1 = 0.9484 euros)

(modifying by Silvia Aloisi)