Sales at Italian luxury group Moncler rose 25 percent at constant exchange rates last year to come in ahead of forecasts thanks to strong contributions from its eponymous brand as well as Stone Island.

Full-year consolidated revenues totalled 2.603 billion euros ($2.76 billion), beating a company-provided consensus of 2.534 billion euros for the group, known for its warm puffer jackets.

In the last quarter the EMEA region was the best performing, with sales up 30 percent year-on-year driven by strong local demand in Italy, Germany and France.

In Asia, China’s strict lockdown policies held back the group’s sales in October and November, but an easing of restrictions in December prompted a recovery in store traffic.

Chairman and Chief Executive Remo Ruffini said the group exceeded expectations in 2022, its 70th anniversary year.

“Looking at 2023, the macroeconomic environment remains complex and characterized by continued uncertainty, but also by many opportunities,” Ruffini added in a statement.

The group proposed paying a dividend of 1.12 euros per share, almost double compared to the 0.60 euro per share it paid last year.

Net profit rose to 606.7 million euros, compared with 411.4 million in 2021, including a one-off tax benefit of 92.3 million for the Stone Island brand tax value realignment. Moncler bought the Stone Island sportswear brand just over two years ago.

By Elisa Anzolin, Romolo Tosiani and Carlo Giovanni Boffa; Editing by Keith Weir

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