Ferragamo Q1 revenues decline 1,8% while EBTIDA increased 5,3%
Ferragamo reports Q1 revenues of 321 million Euros a decrease of 1.8% vs. 327 million Euros at 31 March 2015. Gross Operating Profit (EBITDA) was at 64 million Euros (+5.3% vs. 61 million Euros at 31 March 2015). Operating Profit (EBIT): 49 million Euros (+4.5% vs. 47 million Euros at 31 March 2015)
Ferragamo also reports Q1 net profit at 34 million Euros (+6.3% vs. 32 million Euros at 31 March 2015), including negative 1 million Euros of Minority Interest. Group Net Profit was 34 million Euros (+10.2% vs. 31 million Euros at 31 March 2015)
The Asia Pacific area, the Group’s top market in terms of Revenues, saw decreasing Revenues by 3% (-2% at constant exchange rates2) vs. 1Q 2015, mainly due to the deterioration of the business in Hong Kong and Macao. The retail channel in China recorded Revenues down 6% in the first three months of 2016, penalized by the challenging comparison base (+22% in 1Q 2015).
Europe posted an decrease in Revenues of 4% compared to 1Q 2015, also due to lower tourist flows, negatively impacted by the dramatic events.
North America recorded Revenue up by 1% (-4% at constant exchange rates2) in the first three months of 2016. The retail business, despite the strong currency that negatively impacted tourist flows in the United States, reported sales up 6%, while the wholesale business was down 7%, also due to the challenging comparison base (+21% in 1Q 2015).
The Japanese market registered a 2% growth (stable at constant exchange rates2) in 1Q 2016, decelerating vs. the last months of 2015, due to the lower Chinese tourist flow (also impacted by the appreciation of the Yen vs. the Renminbi).
The Central and South America area in 1Q 2016 continued to growth (+8% at constant exchange rates2), despite the penalization of the currency, posting stable Revenues.
Ferragamo also confirms Eraldo Poletto (ex Furla) as new CEO