Zegna Reports 7.4% Organic Revenue Growth in Q1 2024, Led by U.S. Sales
Q1 2024 Financial Performance Overview
Revenue Growth Exceeds Expectations
MILAN, April 30 (Reuters) - Revenues at Ermenegildo Zegna rose 7.4% on an organic basis in the first quarter, above market expectations, thanks to solid growth in the Americas, the Italian luxury group said on Thursday.
Key Financial Figures
• Revenues totalled 470.2 million euros ($549.38 million), above the 464 million euros expected by analysts according to Visible Alpha.
Calculation Methodology
• Organic figures are calculated at constant exchange rates and exclude acquisitions and disposals.
• At current exchange rates the revenues increase was equal to 2.5% year on year, due mainly to the weaker dollar.
Regional and Channel Performance
• Revenues grew 17.5% organically in the Americas and 5.3% in the greater China region.
• Revenues were driven by direct-to-consumer sales, while the wholesale channel posted a 17% decline.
($1 = 0.8559 euros)
(Reporting by Elisa Anzolin, editing by Gavin Jones)
