Shares of Ermenegildo Zegna NV (NYSE: ZGN) surged 5.93% in pre-market trading on Thursday following the release of the company's full year 2024 financial results, which demonstrated resilience in a challenging environment and provided an optimistic outlook for future growth.
The luxury fashion group reported a profit of €91 million for 2024, with an Adjusted EBIT of €184 million. While these figures showed a decline from the previous year, they were viewed positively by investors given the challenging market conditions. The company's revenues reached €1,946.6 million, up 2.2% year-over-year, with organic growth in key segments despite headwinds in certain markets.
Ermenegildo "Gildo" Zegna, Group Chairman and CEO, highlighted the company's disciplined approach and strategic investments, stating, "Despite a challenging environment in 2024, the Group achieved Adjusted EBIT of €184 million. ZEGNA led this performance, driven by the brand's distinctive competitive edge and management's commitment to delivering results."
Investors were particularly encouraged by the company's updated mid-term targets, which project revenues in the range of €2,200-€2,400 million and an Adjusted EBIT of €250-€300 million by 2027. This forward-looking guidance, coupled with the company's focus on brand desirability and strategic investments, appears to be driving the positive pre-market reaction.
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