Salvatore Ferragamo: results exceed expectations
(CercleFinance.com) - Italian luxury group Salvatore Ferragamo last night reported better-than-expected Q4 results, which has resulted in its share rising by almost 6% on the Milan stock exchange on Wednesday.
In a statement issued on Tuesday evening, the Florentina based luxury house said that its total revenues fell by 20.4% over the last three months of the year, even though this fall was reduced to -19.9% at constant exchange rates.
FY 2020 sales were down 33.5% at 916 million euros, a fall that is pretty much the same at constant exchange rates (33.4%).
EBITDA fell by 52.2% to 160 million euros in 2020, compared with 336 million euros in 2019, a fall that pushed the group's annual result into the red, with a loss of 66 million euros, compared with a profit of 87 million euros at the end of the previous financial year.
In a reaction note, UBS analysts - who have a "neutral" opinion on the share - welcomed a sound control of costs, but also mentioned a visibility that remains "limited".
The market seems more enthusiastic, however: the stock was up 5.8% in Milan on Wednesday.
Copyright (c) 2021 CercleFinance.com. All rights reserved.