Investing.com -- Shares in Moncler (BIT:MONC) slipped in European trading on Thursday, as analysts flagged that the fashion group was taking a "cautious" stance on its financial guidance despite posting solid first-quarter earnings.
Buoyed by strong demand in China, revenues in the three months until March jumped by 16% at constant exchange rates versus the year-ago period to 818 million euros, topping company-provided estimates of 786 million euros, according to Reuters.
At the Moncler brand, sales increased by 20% to 705.0 million euros, thanks in part to "robust growth" in Japan and Korea and an acceleration in tourist activity in Europe, the Middle East and Africa. Sales in the Americas region expanded by 14% year-on-year, with Moncler noting that trends compared to the prior quarter were "improving."
Stone Island, the Italian brand purchased by Moncler in 2021, saw sales decline by 5% to 113 million euros.
In a statement, Chief Executive Remo Ruffini said that while he was pleased with the quarterly results, he was "conscious of the still volatile macroeconomic environemnt and the normalisation of trends in our sector."
Analysts at RBC Capital Markets argued that the firm's management was "cautious on the look forward." Executives are continuing to plan for mid-single digit like-for-like growth at the Moncler brand, the analysts added, noting that this "may limit earnings upgrades."