Ferragamo's Revenues Fell 1% in First Quarter, Dragged by Weak Sales in Asia
Italian luxury group Salvatore Ferragamo reported on Wednesday a 1% decline in sales at constant exchange rates for the first quarter, due to weak sales in the Asia Pacific region.
The company, currently without a CEO after the exit of Marco Gobbetti two months ago, posted revenues of 221 million euros ($247.50 million) in the quarter, slightly below a Visible Alpha analysts' consensus of 223 million euros.
"The difficult macroeconomic environment, weighing on consumers' confidence, impacted the first quarter's performance, driving a decrease in traffic, only partly offset by higher conversion rate and increase in the average ticket," the group said in a statement.
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