Ferragamo H1 Net Revenue Declines 15.4 P.c

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As of June 30, 2017, the Salvatore Ferragamo Group posted complete income of 718 million euros (850 million dollars), reporting a 1.1 % towards 1H 2016. Revenue growth at fixed trade charges was 0.1 percent. The online profit for the period, including a damaging minority interest of 2 million euros (2.3 million dollars), was 76 million euros (90 million dollars), marking a 15.4 p.c lower. The group net revenue was 78 million euros (ninety two million dollars), marking a decrease of 13.1 %.

Retail revenues rose 4.7 percent, but complete down in H1

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The group’s retail network counted on a complete of 679 points of gross sales, including 401 straight operated stores (DOS) and 278 third celebration operated stores (TPOS) within the wholesale and travel retail channel, as well as the presence in department stores and excessive-degree multi-brand specialty stores. In 1H the retail distribution channel posted consolidated revenues up by 4.7 % or 4 percent at constant alternate rates, with a considerably stable growth (down 0.2 percent) at constant exchange rates and perimeter (like-for-like) towards 1H 2016.

The wholesale channel, the corporate stated, penalized by the destocking activity awaiting for the brand new collections and the political tensions in South Korea, registered a lower in revenues of 4.7 percent or 6.1 p.c at fixed exchange rates.

Group’s performance across geographies

The Asia Pacific space is confirmed because the group’s top market by way of revenues, growing by 6.1 p.c or four. Salvatore_Adamo percent at constant trade rates, regardless of the gentle trend in South Korea, mostly as a result of the significant lower of Chinese language tourists, and the nonetheless adverse performance in particular in Hong Kong. Quite the opposite the retail channel in China recorded a income growth of 12.2 p.c or 15.5 % at constant change charges in the first six months of 2017.

Europe posted a lower in revenues of 2.4 p.c or 2 p.c at constant exchange charges, with a solid development within the retail channel and a unfavourable development for the wholesale enterprise, negatively impacted by the destocking activity. North America recorded a revenue decrease of 2.2 p.c or four.2percent at fixed change rates, also negatively impacted by the malls gross sales. The Japanese market registered a 3.Four percent lower or three.5 p.c at fixed exchange rates, due to the strategic rationalization of the wholesale channel, while the retail stores recorded a optimistic performance.

Revenues within the Central and South America in continued to report progress, registering a 7.2 percent or 9.9 % increase at fixed exchange rates.

Among the product categories, sneakers posted a 1.Three percent enhance, handbags and leather equipment zero.7 % and fragrances 6.7 percent.

Ferragamo gross revenue declines 1.5 percent

In 1H 2017 the gross revenue decreased by 1.5 p.c to 468 million euros (554 million dollars) and its incidence on revenues was down 180 foundation points, moving to 65.2 %, from 67 p.c in 1H 2016, primarily as a result of the upper portion of sales within the secondary channel, in keeping with the normalization of stock ranges.

The gross working profit (EBITDA) decreased by 17.9 % over the interval, to 135 million euros (159 million dollars), with an incidence on revenues all the way down to 19 p.c, from 23.Four % in 1H 2016. Operating profit (EBIT) decreased to 105 million euros (124 million dollars) or 22.6 percent in 1H 2017, with an incidence on revenues of 14.6 p.c from 19.1 %.

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