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March 7, 2017
Salvatore Ferragamo Sees Revenues Fall In Q4
Salvatore Ferragamo SpA saw preliminary 2017 revenues decline 3.1 p.c to 1.34 billion euros, or $1.66 billion at current alternate, compared with 1.43 billion euros in 2016. At fixed exchange charges, sales were down 1.4 p.c.
Revenues within the final quarter decreased 8.4 p.c, penalized by the currencies pattern and by decrease promotional sales in the first own-retail channel, thanks to raised control of inventories, stated the Florence-based group.
Related Why Paul Andrew Was Just Promoted at Ferragamo
As of Dec. 31, the group’s retail community comprised 685 factors of gross sales, together with 410 straight operated shops and 275 third-get together operated shops. Within the 12 months ended Dec. 31, the retail channel was down zero.8 % to 905.Three million euros, representing 65 % of whole revenues. Like-for-like gross sales at constant change were down 1.7 %.
The wholesale channel, salvatore ferragamo shoes loafers leather buckle 13220 penalized by destocking exercise, the political tensions in South Korea and salvatore ferragamo shoes loafers leather buckle 13220 a strategic rationalization in Japan, decreased 7.4 % to 465.Three million euros.
The Asia-Pacific space was confirmed as the group’s high market, representing 36.6 p.c of total revenues. In the region, gross sales declined 2.1 p.c to 510.6 million euros, penalized by the tender trend in South Korea, largely attributable to the significant decrease of Chinese vacationers, and the ongoing destructive performance specifically in Hong Kong. Conversely, the retail channel in China showed continued progress, posting a 2.5 p.c uptick, or 7 % at fixed trade.
Europe was down three.6 % to 351.2 million euros with a constructive performance for the retail channel and a detrimental pattern for the wholesale business, negatively impacted by the destocking activity.
Sales in North America fell four.2 percent to 333.6 million euros, representing 23.9 p.c of complete gross sales, also negatively impacted by the efficiency of malls.
Japan was down 5.6 percent to 119.5 million euros because of the strategic rationalization of the wholesale channel, while the retail stores confirmed a positive efficiency at constant alternate rates.
Revenues in Central and South America grew 2 %, or 6.5 % at fixed alternate, to 78.Three million, despite the earthquake in Mexico in September.
By category within the 12 months, footwear sales dropped three.6 p.c to 589.2 million euros, representing forty two.3 % of whole sales.
Handbags and leather equipment were down 2.Four p.c to 516 million euros, accounting for 37 % of total gross sales.
Sales of prepared-to-put on decreased 3.9 percent to 89.8 million euros, or 6.Four % of the overall. Silk and other accessories fell 7.4 percent to 86.Three million euros. Fragrances had been up 1.2 p.c to 89.1 million euros.
In February, during Milan Style 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 previously women’s footwear creative director and was appointed artistic director of the women’s line last October. He succeeded Fulvio Rigoni.