Salvatore Ferragamo posts Q1 FY20 sales of €222 million

Fashion

13 May `20

2 min read

Salvatore Ferragamo, a luxury goods company, posted 30.1 per cent decrease in revenue to €221.7 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to 317.1 million in same period prior year. Gross profit were €130.2 million (Q1 FY19: €200.6 million). Net income reported loss of €41.4 million compared to income of €11 million in Q1 FY19.

Salvatore Ferragamo, a luxury goods company, posted 30.1 per cent decrease in revenue to €221.7 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to 317.1 million in same period prior year. Gross profit were €130.2 million (Q1 FY19: €200.6 million). Net income reported loss of €41.4 million compared to income of €11 million in Q1 FY19.#

The group reported a solid performance in January in all its main markets, that increasingly deteriorated in February and March, first in China and Asia and progressively also in Europe, in America and in the rest of the world, following the Covid-19 pandemic.

Salvatore Ferragamo, a luxury goods company, posted 30.1 per cent decrease in revenue to €221.7 million in first quarter (Q1) FY20 ended on March 31, 2020 compared to 317.1 million in same period prior year. Gross profit were €130.2 million (Q1 FY19: €200.6 million). Net income reported loss of €41.4 million compared to income of €11 million in Q1 FY19.#

Retail sales for the quarter were down 28.6 per cent to €142.2 million (€199.2 million) impacted by the progressive closure of the majority of the distribution network in February and March and by the significant lack of traffic in the remaining stores. Wholesale revenue fell 32.3 per cent to €76.4 million (€112.8 million) penalised by the cancellation of orders, mainly in the travel retail channel.

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