Cashmere maker Cucinelli posts higher Q1 profit

MILAN Wed May 9, 2012 9:40am EDT

MILAN May 9 (Reuters) - Freshly-listed Italian cashmere maker Brunello Cucinelli said on Wednesday core earnings rose nearly 28 percent in the first quarter to 13 million euros supported by a 17 percent increase in revenues.

Cucinelli said sales were particularly buoyant in North America and mentioned positive expectations for the rest of the year.

Net profit advanced 36 percent to 7 million euros, it said in a statement.

The luxury house famous for its pastel-coloured cashmere sweaters listed its shares on the Milan's stock exchange at the end of April. The stock, which was 1 percent lower by 1326 GMT outperforming a 2 percent fall in Italy's all-share stock index , has gained about 40 percent since its debut.

Cucinelli said its results did not include a capital gain it reaped from selling the rent contract for its shop on Via della Spiga, an exclusive Milanese shopping street.

Net debt rose in the quarter to nearly 58 million euros from around 48 billion euros at end-December.

(Reporting by Valentina Za)

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