August 29, 2017 / 4:04 PM / a year ago

Italy's Cucinelli expects double digit growth to continue in the near future

MILAN, Aug 29 (Reuters) - Italian luxury goods maker Brunello Cucinelli said on Tuesday it expected double-digit growth to continue in the near future after posting a 13 percent rise in core profits in the first half of the year.

“As a result of a careful analysis... we can express a very positive view on 2018 and we keep envisaging more double-digit growth for the near future,” Chief Executive and Chairman Brunello Cucinelli said in a statement.

Cucinelli said earnings before interest, tax, depreciation and amortisation (EBITDA) were 41.6 million euros ($50 million) in the first six months of the year, or 17 percent of sales.

EBITDA was up 13.1 percent excluding the effect of non-recurring costs.

The group said like-for-like sales at constant exchange rates in the groups 91 directly-owned boutiques were up 4 percent from the beginning of the year to Aug. 20.

Cucinelli reported in July an 11 percent rise in revenue at current exchange rates for the first half of 2017. ($1 = 0.8312 euros) (Reporting by Giulia Segreti; editing by Francesca Landini)

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