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Ferragamo with 10% growth in sales

Jul 6, 2021 Italy
Ferragamo with 10% growth in sales
As of the 31st of March 2021, the Salvatore Ferragamo Group reported total revenue of 245 million euros, up by 10.3% at current exchange rates (+13.0% at constant exchange rates), which compares with 222 million euros recorded in the first quarter of 2020

Revenue by distribution channel

As of the 31st of March 2021, Ferragamo's retail network counted on a total of 638 points of sales, including 390 Directly Operated Stores (DOS) and 248 Third Party Operated Stores (TPOS) in the Wholesale and Travel Retail channel, as well as the presence in Department Stores and high-level multi-brand Specialty Stores. In the first quarter of 2021 the retail distribution channel posted consolidated revenue up by 17.2% (+20.8% at constant exchange rates), showing a variation of +14.7% at constant exchange rates and like-for-like, compared to quarter one in 2020. The wholesale channel registered flat revenue (-0.7% at current exchange rate and +0.3% at constant exchange rates), despite the persistent negative trend of the Travel Retail channel

Revenue by geographical area

The Asia Pacific area is confirmed as the group's top market in terms of revenue, increasing by 50.6% (+51.7% at constant exchange rates) In the first three months of 2021 the retail channel in Greater China posted revenue growth of over 105%, compared to the first quarter of 2020 at constant exchange rates and +6.1% compared to quarter one in 2019. In particular, the retail channel in China posted an increase in revenue of over 128% versus quarter one in 2020 at constant exchange rates, bringing the performance to +39.4% at constant exchange rates compared to the first three months of 2019. The retail channel in Korea also posted a solid growth trend in the period (+33.7% versus quarter one in 2020 and +25.4% versus the first quarter in 2019 at constant exchange rates). The Japanese market in registered a decrease in revenue of 9.3% (-6.5% at constant rates), penalized by the evolution of the pandemic and the consequent restrictions. Overall, the Asian continent represents currently over 51% of total group’s revenue. EMEA posted a decrease in revenue of 20.5% (-22.5% at constant exchange rates) in comparison with the first quarter of 2020, still strongly penalized by lockdowns and by the lack of tourists’ flows in the period, due to the restrictions and bans imposed by the National Governments to limit the COVID-19 pandemic. North America recorded revenue up by 9.9% (+18.2% at constant exchange rates) compared with quarter one of 2020. Revenue in Central and South America was down by 20.1% (-10.0% at constant rates) compared to similar period in 2020, with a positive trend in all markets with the exception of Mexico, due to the continued lockdown.

Revenue by product category

All main product categories reported an increase in the first three months of fiscal 2021, when compared to similar period last year.

Net Profit

The Net Profit for the period, including Minority Interest, was at break-even (-0.6 million euros), compared to 41 million euros negative in the first quarter of 2020.

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