Salvatore Ferragamo: posts nine-month loss as sales drop
(CercleFinance.com) - Italian luxury group Salvatore Ferragamo reported a nine-month loss due to lower sales on the back of the closure of most of its stores during the first wave of the Covid-19 pandemic.
The company hence posted a net loss of 96 million euros for the period, against a net profit of 61 million euros over the first nine months of 2019.
At 611 million euros, its revenue dropped 38.5% at current exchange rates and fell by 38.6% at constant exchange rates, from the 994 million euros posted a year ago, it said in a statement.
But the group also said that its retail revenue performance in China and Taiwan further accelerated in October, and that its solid growth continued in the digital channel.
Salvatore Ferragamo shares are up over 3.5% on the Milan Stock Exchange on Wednesday. They have risen by over 27% over the past six months, outperforming a 20% rise in the FTSE MIB index.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company hence posted a net loss of 96 million euros for the period, against a net profit of 61 million euros over the first nine months of 2019.
At 611 million euros, its revenue dropped 38.5% at current exchange rates and fell by 38.6% at constant exchange rates, from the 994 million euros posted a year ago, it said in a statement.
But the group also said that its retail revenue performance in China and Taiwan further accelerated in October, and that its solid growth continued in the digital channel.
Salvatore Ferragamo shares are up over 3.5% on the Milan Stock Exchange on Wednesday. They have risen by over 27% over the past six months, outperforming a 20% rise in the FTSE MIB index.
Copyright (c) 2020 CercleFinance.com. All rights reserved.