Ferragamo's Revenues Fell 1% in First Quarter, Dragged by Weak Sales in Asia
Italian luxury group Salvatore Ferragamo reported on Wednesday a 1 percent 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 ($247.50 million) in the quarter, slightly below a Visible Alpha analysts' consensus of €223 million.
'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.
By Elisa Anzolin; Edited by Gianluca Semeraro
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Ferragamo Sales Down 17% in First Quarter
Revenues totalled €227 million ($244.5 million), below analyst expectations of €237 million according a LSEG consensus.
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