Moncler has announced its EBIT fell by 25% to €368.8m (£318m) for the financial year ended 31 December 2020, down from €491.8m (£424m) the prior year.
The retailer also saw an 11% decline for its consolidated revenues to €1.4bn (£1.2bn), down from €1.62bn (£1.39bn) the previous year.
Net income dropped to €300.4m (£259m) compared with €358.7m (£309m) in 2019, which was attributed to the impact of Covid-19.
Meanwhile, revenues from the retail distribution channel amounted to €1.08bn (£932m) compared with €1.25bn (£1.07bn) in 2019, representing a decrease of 12% which the group claims was due to reduced store traffic.
Commenting on the results, Remo Ruffini, chairman and CEO of Moncler, said: “In November after a few months of caution and hope, we found ourselves back within the uncertainty of rising infection rates, and the impossibility to plan.
“EBIT was equal to €369m (£318m) with a margin on sales of 26% while net cash surpassed €850m (£734m). In the final months of 2020, in the midst of a difficult time for Italy and the world, we announced the Stone Island deal. With Stone Island, the Moncler Group strengthens its presence in the growing new luxury segment.”