Salvatore Ferragamo: share up with positive outlook

(CercleFinance.com) - The share of Italian leather goods group Salvatore Ferragamo is up over 5% in Milan today, even though the group reported lacklustre results, which in particular were due to restructuring that, management says will bear fruit.


Already published, the group's sales reached 1.35 billion euros in adjusted definitive terms, or were down 3.3% as reported and down 1.7% at constant exchange rates, which were roughly the same performance as in Q4.

Annual EBITDA decreased by 13.8% to 214 million euros, while operating income fell by almost 20% to 150 million euros (meaning a margin of 11.1%, down 2.2 points), with net income down in similar proportions to 90 million euros. The forthcoming AGM will propose a 10.5% reduction in the group's dividened to 0.34 euro.

Regarding its outlook, Salvatore Ferragamo intends to continue to strengthen its brand and improve its organisation in order to lay the foundations for sustainable medium-term growth.



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