• In the first quarter of 2023, net sales increased by 17.3% at current exchange rates compared to the first quarter of 2022 (+15.2% at constant exchange rates), standing at €152.3 million;
• Adjusted EBITDA, at €23.7 million, increased by 30.0% compared to €18.2 million in the first three months of the previous year; the % margin on net sales was 15.5% (14.0% in the first quarter of 2022).
Longarone/Milan, 3 May 2023 – The Board of Directors of Marcolin S.p.A., a worldwide leading group in the eyewear industry, approved the consolidated financial results as of 31 March 2023.
Results as of 31 March 2023
In the first quarter of 2023, the consolidation of the Company's economic results continued positively: Group net sales amounted to €152.3 million, up 17.3% at current exchange rates compared to the same period of the previous year (+15.2% at constant exchange rates), confirming the business strategy in a year when the international geopolitical challenges and instabilities continue to play a part.
Compared to the first quarter of 2022, the Group improved its performance in terms of Net Sales in all geographical areas: significant growth continues in a high-potential market such as Asia (+134.2% at current exchange rates and 126.2% at constant exchange rates). EMEA (+15.5% at current exchange rates and 15.6% at constant exchange rates) and Americas (+8.1% at current exchange rates and 3.5% at constant exchange rates) are confirmed as the main geographies, together representing approximately 90% of revenues.
Adjusted EBITDA amounted to €23.7 million, marking an increase of 30.0% compared to €18.2 million in the same period of the previous year. The trend in the adjusted EBITDA margin was equally positive, reaching 15.5% of net sales (14.0% in the first quarter of 2022).
The second quarter opened with a historic agreement for Marcolin Group, the closing of a perpetual license with The Estée Lauder Companies (“ELC”) for TOM FORD eyewear, a substantial extension of its license with TOM FORD, a brand for which Marcolin has manufactured and distributed eyewear since 2005.