Cucinelli sees double-digit sales and profits growth in 2016

Italian luxury group Brunello Cucinelli expects to reach double digit growth in sales and profits this year as it reported 9 per cent rise in first quarter sales at current exchange rates, in line with expectations.

The company said on Wednesday sales came in at 121.8 million euros ($139.24 million) in the first three months of the year, a touch above a Thomson Reuters SmartEstimate of 121 million euros.

"We can expect for 2016 a healthy double-digit growth both in sales and profits," Chairman and Chief Executive Brunello Cucinelli said in a statement.

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Sales grew by 9 percent in North America and Europe and by 11 percent in Greater China, it said. Domestic sales, which account for 20 per cent of overall revenues, were up 6.4 percent.

$1 = 0.8747 euros