Italy's Cucinelli posts 39% jump in 2023 EBIT, confirms guidance

MILAN (Reuters) -Italian luxury group Brunello Cucinelli said on Thursday its operating profit rose 39.4% last year and it confirmed its expectations for sales growth of around 10% in 2024.

The first quarter of 2024 is ending "with particularly pleasing results", the group's founder and Executive Chairman Brunello Cucinelli said in a statement.

"In view of the good order intake for Men's-Women's Fall/Winter 2024, we envisage a gracious growth in sales of around 10% for this year, resulting in healthy and balanced profits," he added.

The brand known for its cashmere clothing posted 2023 earnings before interest and taxes (EBIT) of 187.4 million euros ($204.1 million), broadly in line with analysts' forecasts based on a consensus provided by LSEG.

Sales rose 23.9% last year, preliminary data showed in January, defying a sector slowdown thanks to a focus on the industry's high end.

The Italian group proposed the distribution of a dividend of 0.91 euros per share.

($1 = 0.9184 euros)

(Reporting by Elisa Anzolin, editing by Gianluca Semeraro, Kirsten Donovan)