Moncler's Earnings: Moncler's Stock Declines by 6% Amid Slower Sales Growth in the Third Quarter

Narrow-moat Moncler reported a sales slowdown during the third quarter, with revenue growth for the group at 7% from 26% during the second quarter and 23% during the first quarter. The slowdown was mainly due to a challenging year-on-year comparison and a decline in the wholesale channel's performance, especially within the Americas region. During the earnings call, management also highlighted the presence of unusual warm weather in the September to October period. The market reacted negatively to the results, with a 6% decline at the time of writing. However, our model already considers normalization of growth for the year, so we don't expect to make a material change to our fair value estimate of EUR 47.5. Shares remain in 2-star territory.