2020 results improved significantly in the second part of the year driven by China and online. Continued strong cash generation.
RESULTS
In 2020, Moncler achieved revenues of 1,440.4 million eu- ros, compared to 1,627.7 million euros in 2019, a decrease of 11% at constant exchange rates and 12% at current exchange rates. In the fourth quarter, despite the ongoing restrictions from efforts to contain the pandemic, the Group s turnover reached 675.3 million euros with an increase of 8% at constant exchange rates and 7% at current exchange rates, thanks main- ly to the strong performance of the Chinese market, growth in Korea and Japan, and excellent online business performances.
In 2020 the retail channel reported revenues of 1,089.5 million euros compared with 1,256.9 million euros in 2019, a decrease of 12% at constant exchange rates due to the restric- tions imposed throughout the year by various governments around the world in an attempt to limit the spread of the vi- rus, which caused stores to be closed several times. Fourth quarter results showed a strong improvement (+5% at con- stant exchange rates), driven by the Asian markets, especially China, which reported double-digit growth in the final quar- ter, and by the e-commerce.
The wholesale channel recorded revenues of 350.9 mil- lion euros compared to 370.8 million euros in 2019, a decrease of 5% at constant and current exchange rates, but enjoyed double-digit growth in the fourth quarter (+31% at constant exchange rates). The gradual improvement during the second half of the year especially the fourth quarter was driven by sizeable reorders, timing differences in shipping the Fall/Win- ter collections, and the outstanding performance of e-tailers.
EBIT amounted to 368.8 million euros, down 25% from 491.8 million euros in 2019, with a 25.6% margin on sales
FINANCIAL PERFORMANCE
compared to 30.2% in 2019. In the second half of the year, EBIT amounted to 404.3 million euros or 39.0% of sales, up from 36.8% in the second half of 2019. This confirms the ef- fectiveness of the actions quickly implemented by the Group to cope with the effects of the pandemic and the ability to concentrate on activities that strengthen the Brand and lead to long-term growth.
In 2020 net financial expenses were equal to 23.3 million euros compared to 21.1 million euros in 2019, including lease liabilities arising from the application of IFRS 16 that amount- ed to 22.0 million euros in 2020 (20.2 million euros in 2019).
Net income of 300.4 million euros amounts to 20.9% of revenues and compares with 358.7 million euros in 2019 (-16%).
35CONSOLIDATED NON FINANCIAL STATEMENT 202034 MONCLER