** Shares in Moncler MONC.MI fall as much as 5.9% after the Italian luxury group's revenues declined 1% at constant exchange rates in Q2

** J.P.Morgan says Q2 sales were 1% below company consensus, describing the results as "softer" overall

** It flags as well a 1% decline at its key eponymous brand vs expectations of around flat

** Still, both JPM and Bernstein note that the Q2 is the smallest quarter in the year, due to seasonality

** The stock is down around 3.6% at 0825 GMT

(Reporting by Gaia Neiman)

((Gaia.neiman@thomsonreuters.com))