Salvatore Ferragamo: investors cheer first-quarter results
(CercleFinance.com) - Salvatore Ferragamo shares are jumping over 9% today after the group's earnings announcement, with investors welcoming signs of resilience in the Italian luxury house's business.
Net profit rose by 23% to 11 million euros in the first three months of the year, with revenues up 4% at 317 million euros, the Florence-based company said.
Salvatore Ferragamo said that the macroeconomic and market environment was "complex," although investors cheered 8.7% sales growth in the group's handbags and leather accessories in the past quarter.
The sales beat provides grounds for higher opex investment, that is required to maintain momentum, analysts at UBS noted.
The shares are currently trading 9% higher at 21 euros in Milan.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Net profit rose by 23% to 11 million euros in the first three months of the year, with revenues up 4% at 317 million euros, the Florence-based company said.
Salvatore Ferragamo said that the macroeconomic and market environment was "complex," although investors cheered 8.7% sales growth in the group's handbags and leather accessories in the past quarter.
The sales beat provides grounds for higher opex investment, that is required to maintain momentum, analysts at UBS noted.
The shares are currently trading 9% higher at 21 euros in Milan.
Copyright (c) 2019 CercleFinance.com. All rights reserved.