Salvatore Ferragamo appoints former Furla CEO to lead group

today May 12, 2016
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Italian luxury group Salvatore Ferragamo appointed on Wednesday former Furla head Eraldo Poletto as chief executive as it posted a larger-than-expected 5 percent rise in first quarter core profit.

Eraldo Poletto

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 64 million euros ($73 million) in the first three months of the year, above a 60 million euro estimate by Thomson Reuters.

Revenues fell 2 percent to 321 million euros in the period, both at constant and current exchange rates, slightly below a Thomson Reuters forecast of 326 million euros.

Sales fell 3 percent in Asia Pacific, the biggest market for Ferragamo, hit by a contraction in Hong Kong and Macao while Japan did well. Sales also dropped in Europe while raising in North America lifted by favourable currency moves.

The departure of Michele Norsa, CEO at the Florence-based group since 2006 and who guided the company during its 2011 stock market listing, was announced at the end of April.

$1 = 0.8785 euros


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