Ferragamo H1 sales fall 2 pct as margins inch higher
today Aug 2, 2016
Italian luxury goods maker Salvatore Ferragamo said on Tuesday revenues fell 2 percent in the first six months, weighed down by sales in its two core markets of Europe and Asia.
Sales in the period came in at 710 million euros ($797 million), just below a Thomson Reuters estimate of 716 million euros.
At constant exchange rates sales were down over 3 percent compared to the same period last year.
Revenues fell over 3 per cent in Europe - an area which accounts for over a quarter of the luxury designers sales - and was down almost 4 percent in the Asia Pacific area - which weighs for over a third of sales of its shoes, bags and leather accessories.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) nudged up 1 percent in the first six months of the year to 166 million euros, slightly below the 168 million euros estimated by Thomson Reuters.
($1 = 0.8913 euros)
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