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The Italian luxury goods house Salvatore Ferragamo confirmed yesterday Tuesday its medium-term objectives, despite a difficult year in 2020 and a net loss of 41 million euros in the first quarter due to the impact of the coronavirus epidemic.
In the first quarter of 2020, the Italian brand recorded a net loss of 41 million euros, compared with a net profit of 11 million a year earlier. This result is worse than expected, with analysts expecting a loss of 18 million euros, according to economic information provider Facset Estimates. Revenues fell by 30.1% to 222 million euros, in line with expectations.
And to cope with the consequences of the epidemic, the company has put in place “a series of concrete measures to limit expenditure and investment“.
However, the brand has indicated that it is unable to make sales forecasts for the current year, given the uncertainty linked to the pandemic.
The group said it recorded a solid performance in January, but the situation gradually deteriorated as the epidemic spread, first in China and then more broadly in Asia, Europe and America. In March, 49.1% of its stores were closed due to containment measures.
Asia-Pacific remains the group’s largest market, accounting for 31.3% of its sales. Sales in this market declined by 43.4% year-on-year. Europe-Middle East-Africa saw sales decline by 26%, North America by 18.5%, Japan by 19.7% and South and Central America by 16.3%.
The Group reported production difficulties due to the compulsory closure of factories and workshops of Italian suppliers of raw materials or finished products. The company, which was suffering from a problem with its brand positioning, experienced two difficult years in 2017 and 2018, before starting to recover last year.
To this end, it carried out a major reorganization and tried to reinforce itself in product categories where it was weaker, such as bags and accessories, while consolidating its position in footwear. A strategy that it confirmed on Tuesday, stressing that it wants to continue to enhance the value of Italian creativity and world-renowned Italian craftsmanship.
Read also > Salvatore Ferragamo gets a new look and unveils its new online shop
Featured photo : © Salvatore Ferragamo
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The Italian luxury goods house Salvatore Ferragamo confirmed yesterday Tuesday its medium-term objectives, despite a difficult year in 2020 and a net loss of 41 million euros in the first quarter due to the impact of the coronavirus epidemic.
In the first quarter of 2020, the Italian brand recorded a net loss of 41 million euros, compared with a net profit of 11 million a year earlier. This result is worse than expected, with analysts expecting a loss of 18 million euros, according to economic information provider Facset Estimates. Revenues fell by 30.1% to 222 million euros, in line with expectations.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : © Salvatore Ferragamo[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”people-in-the-roles” njt-role-user-roles=”customer”][vc_column][vc_column_text]
The Italian luxury goods house Salvatore Ferragamo confirmed yesterday Tuesday its medium-term objectives, despite a difficult year in 2020 and a net loss of 41 million euros in the first quarter due to the impact of the coronavirus epidemic.
In the first quarter of 2020, the Italian brand recorded a net loss of 41 million euros, compared with a net profit of 11 million a year earlier. This result is worse than expected, with analysts expecting a loss of 18 million euros, according to economic information provider Facset Estimates. Revenues fell by 30.1% to 222 million euros, in line with expectations.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Ftest2023.luxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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[/vc_cta][vc_column_text]Featured photo : © Salvatore Ferragamo[/vc_column_text][/vc_column][/vc_row]
