May 10, 2017 / 3:39 PM / 3 years ago

Italy's Cucinelli says sees FY double digit growth in reveneus and profits

MILAN, May 10 (Reuters) - Italian luxury group Brunello Cucinelli said on Wednesday it expects double-digit growth in profits and revenues this year after posting a 10 percent growth in first-quarter sales.

The company said revenues came in at 134.1 million euros ($146 million) in the first three months of the year, in line with a Thomson Reuters Estimate of 134 million euros. Sales grew 9.5 percent at constant exchange rates .

“Considering the overall quality of our sales, we can envisage another particularly good year ahead, with double digit growth in terms of both revenues and profitability,” Chief Executive and Chairman Brunello Cucinelli said in a statement.

Sales in Europe, which represent just over a third of overall revenues, grew 8.8 percent and customers in the Italian market bought 4.9 percent more than in the same period the previous year.

Like-for-like sales in the 90 directly-owned boutiques were up 33.9 percent in the first 17 weeks of this year. ($1 = 0.9201 euros) (Reporting by Giulia Segreti)

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