Salvatore Ferragamo: shares rise despite cautious outlook
(CercleFinance.com) - Salvatore Ferragamo shares rose over 2% on Wednesday, despite the Italian fashion house delivering lower-than-expected quarterly results and providing a rather cautious outlook.
The Florence-based company said that its revenues rose by 2% to 994 million euros in the first nine months of the year, with sales up 1.9% at constant exchange rates.
However, "third-quarter group sales of 286 million euros came in 3% below consensus (-4% according to UBS estimates), with organic sales growth of -3.6%," UBS pointed out.
Moreover, EBIT fell by 5.7% to 96 million euros, from 102 million euros for the first nine months of 2018, the group said.
Citing the "enduring complexity" of the macroeconomic and market environment, Ferragamo said that the slowdown in revenues and its operating margin may persist also in the last part of the year.
Its shares edged up 2.7% after these results, largely outperforming a 1.2% fall in the FTSE MIB average index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Florence-based company said that its revenues rose by 2% to 994 million euros in the first nine months of the year, with sales up 1.9% at constant exchange rates.
However, "third-quarter group sales of 286 million euros came in 3% below consensus (-4% according to UBS estimates), with organic sales growth of -3.6%," UBS pointed out.
Moreover, EBIT fell by 5.7% to 96 million euros, from 102 million euros for the first nine months of 2018, the group said.
Citing the "enduring complexity" of the macroeconomic and market environment, Ferragamo said that the slowdown in revenues and its operating margin may persist also in the last part of the year.
Its shares edged up 2.7% after these results, largely outperforming a 1.2% fall in the FTSE MIB average index.
Copyright (c) 2019 CercleFinance.com. All rights reserved.