Brunello Cucinelli: solid H1 13 results, upbeat outlook for 2013 & 2014
Yesterday Brunello Cucinelli released its H1 13 results after having pre-announced its H1 sales last July. H1 adjusted EBITDA 19.7% to EUR27.1m (CS: EUR27m), leading to an EBITDA margin improvement of 50bp to 17.1%. Net debt of EUR32.2m (vs. EUR14.2m in H1 12), which is explained by the capex investments and the increase in NWC implied by the Retail expansion.
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