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Ferragamo with 6% increase in revenue

Sep 3, 2014 Italy
Ferragamo with 6% increase in revenue
Salvatore Ferragamo Group with a 6% increase in revenue for the first half of the year. Group’s net profit is down by 3.7%

Salvatore Ferragamo S.p.A. posted total revenue for the semester of 659 million euros, a 6% increase at current exchange rates, over the 625 million Euros recorded in Half 1 in 2013 (+8% at constant exchange rates). In the second quarter of the year total revenue reached 360 million euros, up by 5% when compared to similar period last year (8% at constant exchange rates).

Asia Pacific is confirmed as the Group's top market in terms of revenues, increasing by 6%, in constant exchange rates, compared to 2013, with a significant contribution from the retail channel in Greater China, that recorded an acceleration during the second quarter of the year (+15%), bringing the revenue growth to 11% in the first six months of the year.

Europe, despite the geopolitical tensions which negatively impacted the global tourist flows, posted an increase in revenue of 9%, reinforcing the performance from the first quarter.

North America, strongly impacted by the unfavorable weather conditions in the first part of the year, recorded a solid revenue growth in the second quarter (+12%), bringing the increase to over 7% in the first six months of 2014.

The Japanese market increased 6% in the first semester of 2014, but presented -4% variation in the second quarter, penalized by the expected slowdown due to the consumer tax increase.

Revenue in Central and South America marked an increase in excess of 23% in the first half of 2014, which according to the group is due to the reorganization in distribution in the area.

As of 30 June 2014, the Salvatore Ferragamo group's retail network could count on 357 Directly Operated Stores (DOS), while the Wholesale and Travel Retail channel included 269 Third Party Operated Stores (TPOS), as well as presence in Department Stores and high-level multi-brand Specialty Stores. The retail distribution channel posted consolidated revenues up 5% in the first semester. The growth at constant exchange rates confirmed the trend registered in Quarter 1. The Wholesale and Travel Retail channel continued the solid performance, growing 12% versus the first half in 2013 (+14% in quarter 2 in 2014).

Among the product categories, it is especially worth highlighting the increase of handbags and leather accessories (+16%) and of footwear (+6%), which together represent over 78% of the group’s total turnover. The performance of fragrances, accelerated in 2Q2014 (+13%), bringing to a 5% increase in the semester, after a decline in quarter 1.

The group’s net profit reached 78 million euros, as compared to 81 million euros in the first half of 2013, down 3.7%.

Salvatore Ferragamo S.p.A., founded in 1927, is the parent company of the Ferragamo Group, a key player in the luxury goods industry. The group focuses on the creation, manufacture and sale of footwear, leather goods, clothing, silk products, other accessories and perfumes, eyewear and watches. With an extensive network of more than 620 single-brand stores, complemented by its presence in high-level multi-brand department stores and specialty stores, Ferragamo can be found in Italy and in over 90 countries  across the European, American and Asian markets.

For more information about Salvatore Ferragamo please visit the company's website.

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