Salvatore Ferragamo Sees Revenues Fall In Q4
Salvatore Ferragamo SpA saw preliminary 2017 revenues decline three.1 % to 1.34 billion euros, or $1.66 billion at current trade, in contrast with 1.43 billion euros in 2016. At constant change charges, sales have been down 1.Four percent.
Revenues within the last quarter decreased 8.4 %, penalized by the currencies development and by decrease promotional gross sales in the primary own-retail channel, thanks to higher control of inventories, said the Florence-based group.
Associated Why Paul Andrew Was Simply Promoted at Ferragamo
As of Dec. 31, the group’s retail network comprised 685 points of gross sales, including 410 instantly operated stores and 275 third-celebration operated stores. In the 12 months ended Dec. 31, the retail channel was down zero.Eight p.c to 905.Three million euros, representing sixty five percent of total revenues. Like-for-like sales at constant change have been down salvatore ferragamo sf672s 1.7 percent.
The wholesale channel, penalized by destocking exercise, the political tensions in South Korea and a strategic rationalization in Japan, decreased 7.Four p.c to 465.Three million euros.
The Asia-Pacific space was confirmed because the group’s top market, representing 36.6 p.c of total revenues. Within the area, sales declined 2.1 p.c to 510.6 million euros, penalized by the smooth development in South Korea, principally on account of the significant decrease of Chinese tourists, and the continuing unfavorable efficiency particularly in Hong Kong. Conversely, the retail channel in China confirmed continued growth, posting a 2.5 % uptick, or 7 p.c at constant exchange.
Europe was down 3.6 percent to 351.2 million euros with a optimistic efficiency for the retail channel and a negative development for the wholesale business, negatively impacted by the destocking activity.
Gross sales in North America fell 4.2 p.c to 333.6 million euros, representing 23.9 p.c of whole sales, also negatively impacted by the performance of shops.
Japan was down 5.6 p.c to 119.5 million euros because of the strategic rationalization of the wholesale channel, whereas the retail stores showed a constructive efficiency at constant exchange charges.
Revenues in Central and South America grew 2 %, or 6.5 p.c at constant change, to 78.3 million, regardless of the earthquake in Mexico in September.
By category in the yr, footwear gross sales dropped 3.6 percent to 589.2 million euros, representing 42.3 p.c of whole sales.
Handbags and leather-based equipment had been down 2.4 p.c to 516 million euros, accounting for 37 p.c of complete gross sales.
Gross sales of ready-to-put on decreased 3.9 % to 89.8 million euros, or 6.Four percent of the total. Silk and other equipment fell 7.4 % to 86.Three million euros. Fragrances have been up 1.2 % to 89.1 million euros.
In February, during Milan Style Week, Ferragamo will hold a coed runway present to unveil its men’s and women’s fall 2018 collections, designed by Guillaume Meilland and Paul Andrew, respectively. The present will mark the rtw debut of Andrew, who was beforehand women’s footwear artistic director and was appointed artistic director of the women’s line last October. He succeeded Fulvio Rigoni.