Rising margins and consolidation
Marcolin reports increasing margins and consolidation of the license portfolio in the first quarter of 2024. Margins are particularly positive: Adjusted EBITDA of EUR 25.7 million increased by EUR 8.5 % compared to EUR 23.7 million in the first three months of 2023. The impact on net sales was positive and amounted to EUR 17.6 % (compared to EUR 15.5 % in the same period of 2023).
Sales remained stable at EUR 145.6 million and were essentially in line with the results of the first quarter of the previous year on a comparable basis (excluding the positive effects of the new brands in 2024 and the negative effects of the brands discontinued in 2023).
Marcolin has also announced renewals with ZEGNA, GCDS, MAX&Co and Skechers and signed new exclusive license agreements with Christian Louboutin and K-Way®: Both will be launched in early 2025.
The results as at March 31, 2024 in detail
The Board of Directors of Marcolin, one of the world's leading eyewear groups, has confirmed the economic and financial results as of March 31, 2024. In the first three months of 2024, Marcolin has further consolidated its performance in line with the valuable results achieved in 2023, continuing the positive growth path of recent years despite the ongoing international situation.
There was a significant increase in terms of margins, with adjusted EBITDA at 25.7 million euros, an increase of 8.5% compared to the first quarter of 2023. The impact on net sales was positive, equal to 17.6% (compared to 15.5% for the same period last year), which is a further confirmation of the product portfolio management strategy and industry plans implemented to date.
Group net sales amounted to 145.6 million euros, a decrease of -4.4%(-3.8% at constant exchange rates) compared to the previous year. On a like-for-like basis (excluding the positive impact of the new brands in 2024 together with the negative impact of the brands discontinued in 2023), net sales were broadly in line with the previous year (-0.4% at current exchange rates, +0.3% at constant exchange rates).
Marcolin is once again one of the leading companies on the international markets: The most important geographical areas were EMEA and the Americas, which recorded sales of EUR 73.1 million (+2.2% on a like-for-like basis) and EUR 52.0 million (-7.4% on a like-for-like basis) respectively. The double-digit growth continues in a promising market such as Asia.
Net profit generated in the quarter amounted to € 7.3 million (an increase of over € 7% compared to the first quarter of 2023). The adjusted net cash position amounted to EUR 355.1 million, an increase of EUR 10.7 million compared to December 31, 2023 due to seasonal business activity, which is typical for the first quarter.
In the first months of the year, Marcolin announced significant license renewals with GCDS, ZEGNA, MAX&Co. and Skechers. The company also entered into an exclusive partnership with Christian Louboutin, making its debut in the eyewear segment for the first time in the brand's history, and with K-Way, a globally renowned brand for its revolutionary rain jackets, for which the Group will design, produce and distribute sunglasses, optical frames, ski goggles and children's eyewear proposals.
