Salvatore Ferragamo: down after quarterly figures released
(CercleFinance.com) - Salvatore Ferragamo loses 1.
7% in Milan after the luxury shoemaker published a decline in net profits of 19% to nine million euros and a 2% fall in EBITDA to 32 million for the first three months of the year.
The Italian firm's turnover declined by 1.7% to 304 million euros in published data but increased outside exchange-rate differences bolstered by wholesale sales (+5.9% at constant exchange rates).
“The quarterly results are weak but in line with expectations”, notes Bryan Garnier, which maintains its 'hold' recommendation and its fair value of 21.4 euros on the share.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
7% in Milan after the luxury shoemaker published a decline in net profits of 19% to nine million euros and a 2% fall in EBITDA to 32 million for the first three months of the year.
The Italian firm's turnover declined by 1.7% to 304 million euros in published data but increased outside exchange-rate differences bolstered by wholesale sales (+5.9% at constant exchange rates).
“The quarterly results are weak but in line with expectations”, notes Bryan Garnier, which maintains its 'hold' recommendation and its fair value of 21.4 euros on the share.
Copyright (c) 2018 CercleFinance.com. All rights reserved.