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Ferragamo posts declining revenue

Oct 10, 2016 Italy
Ferragamo posts declining revenue
The Italy-based group posted first semester revenue of 710 million euros, registering a decrease (both in current and constant exchange rates) compared to similar period last year
As of the 30th of June, the Ferragamo group has posted total revenue of 710 million euros, registering decreases of 2% and 3%, respectively, at current and constant exchange rates.

During the second quarter in 2016, the trend was similar to the one reported in the first three months of the year: revenue totaled 389 million euros decreasing from 395 million euros in similar period in 2015, reporting a 2% decrease at current exchange rates and 4% at constant exchange rates.

Asia Pacific saw decreasing revenue by 4% (both current and constant exchange rates) compared to similar period last year, mainly driven by the deterioration of the business in Hong Kong. The retail channel in China recorded revenue up by 1%, despite the challenging comparison base (+17% in the first semester in 2015).

Europe posted a decrease in revenue of 3% compared to the first semester in 2015, also due to lower tourist flows. Also in quarter two revenues decreased by 3%.

North America and Japan, both presented a 2% growth in revenue in the first six months of the year. In Central and South America the growth was more modest (+1% at current exchange rates).

Shoes registered revenue up by 1% in the first six months of the year, while revenue from handbags and leather accessories  was down by 3%. Revenue from fragances also declined (-6% in the semester and -13% in the second quarter).

The group's net profit reached 90 million euros in the first semester of 2016, as compared to 88 million euros in similar period in 2015, marking an increase of 2%.

As of the 30th of June, the group’s network totaled 662 points of sale and counted with 388 Directly Operated Stores (DOS), while the Wholesale and Travel Retail channel included 274 Third Party Operated Stores (TPOS), as well as the presence in Department Stores and high-level multi-brand Specialty stores.

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