FERRAGAMO profits up despite financial turmoil

Italian luxury house Salvatore Ferragamo posted first-half profits up by a third on Monday, adding to evidence that the luxury industry remains vigorous through the global financial turmoil. Ferragamo’s net profit rose 32.4 percent to 45.7 million euros in first half of 2011, showing continued demand for silk scarves and leather bags despite a fragile U.S. recovery and the euro zone debt crisis.

The Florence-based family firm, which is less profitable than its peers, said first-half core earnings before interest, tax, depreciation and amortisation (EBITDA) rose 59 percent to 83.8 million euros, with a margin on sales of 18.2 percent from 14.9 percent a year before.