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March 6, 2017
Salvatore Ferragamo Sees Revenues Fall In Q4
Salvatore Ferragamo SpA noticed preliminary 2017 revenues decline 3.1 % to 1.34 billion euros, or $1.66 billion at present alternate, compared with 1.43 billion euros in 2016. At fixed exchange charges, sales were down 1.Four percent.
Revenues in the last quarter decreased 8.4 %, penalized by the currencies pattern and by lower promotional gross sales in the primary own-retail channel, thanks to better management of inventories, said the Florence-based group.
Related Why Paul Andrew Was Simply Promoted at Ferragamo
As of Dec. 31, the group’s retail network comprised 685 factors of gross sales, including 410 instantly operated stores and 275 third-occasion operated stores. In the 12 months ended Dec. 31, the retail channel was down 0.Eight % to 905.3 million euros, representing sixty five % of total revenues. Like-for-like sales at constant trade have been down 1.7 p.c.
The wholesale channel, penalized by destocking activity, the political tensions in South Korea and a strategic rationalization in Japan, decreased 7.Four % to 465.Three million euros.
The Asia-Pacific area was confirmed because the group’s prime market, representing 36.6 percent of total revenues. Within the region, gross sales declined 2.1 % to 510.6 million euros, penalized by the comfortable pattern in South Korea, mostly on account of the significant decrease of Chinese tourists, and the continued unfavorable efficiency specifically in ferragamo belt replacement Hong Kong. Conversely, the retail channel in China confirmed continued growth, posting a 2.5 % uptick, or 7 p.c at constant change.
Europe was down 3.6 percent to 351.2 million euros with a optimistic efficiency for the retail channel and a detrimental development for the wholesale business, negatively impacted by the destocking activity.
Sales in North America fell four.2 p.c to 333.6 million euros, representing 23.9 % of whole sales, additionally negatively impacted by the efficiency of department shops.
Japan was down 5.6 percent to 119.5 million euros as a result of strategic rationalization of the wholesale channel, whereas the retail stores showed a constructive performance at fixed exchange charges.
Revenues in Central and South America grew 2 p.c, or 6.5 p.c at constant alternate, to 78.Three million, despite the earthquake in Mexico in September.
By category within the 12 months, footwear gross sales dropped three.6 p.c to 589.2 million euros, representing forty two.3 p.c of total gross sales.
Handbags and leather-based equipment had been down 2.Four percent ferragamo belt replacement to 516 million euros, accounting for 37 p.c of complete sales.
Gross sales of prepared-to-wear decreased three.9 % to 89.Eight million euros, or 6.Four p.c of the entire. Silk and different equipment fell 7.4 % to 86.3 million euros. Fragrances were up 1.2 percent to 89.1 million euros.
In February, throughout Milan Vogue Week, Ferragamo will hold a coed runway show to unveil its men’s and women’s fall 2018 collections, designed by Guillaume Meilland and Paul Andrew, respectively. The show will mark the rtw debut of Andrew, who was beforehand women’s footwear inventive director and was appointed creative director of the women’s line last October. He succeeded Fulvio Rigoni.