Salvatore Ferragamo first nine-months revenue up 7%
As of 30 September 2015, Salvatore Ferragamo Group has posted Total Revenue of 1,021 million Euros, registering a reported 7% increase (current exchange rates including the negative hedging effect of 44 million Euros), vs. the 957 million Euros recorded in 9M 2014. Revenue growth at constant exchange rates was 1%.
In 3Q 2015 Total reported Revenue (current exchange rates including the negative hedging effect of 21 million Euros) were stable vs. 3Q 2014 at 298 million Euros, and down 1% at constant exchange rates3.
The Asia Pacific area is confirmed as the Group’s top market in terms of Revenues, increasing by 2% (-5% at constant exchange rates) vs. 9M 2014. In particular the retail channel in China recorded a Revenue growth of 10% (stable at constant exchange rates) in the first nine months of 2015, while trends in Hong Kong further deteriorated in 3Q 2015.
Europe posted an increase in Revenues of 7% (+5% at constant exchange rates) compared to 9M 2014. The retail channel confirmed its double-digit growth, despite the closure, since the beginning of May 2015, of the two stores in Rome’s Leonardo Da Vinci airport. The wholesale business, negatively impacted by the ongoing geopolitical tensions in Eastern Europe, saw a stable turnover in 9M 2015 (increasing in 3Q).
North America recorded a Revenue increase of 10% (-1% at constant exchange rates) in the first nine months of 2015. To mention, in the area, the reopening of the Beverly Hills flagship store in Rodeo Drive with the new design concept.
The Japanese market registered a 13% growth (+16% at constant exchange rates) in 9M 2015, further accelerating in 3Q 2015 (+23%), also thanks to the significant travel flow from China.
Revenues in the Central and South America in 9M 2015 continued the double-digit growth, posting an increase of 16% (+11% at constant exchange rates).
As of 30 September 2015, the Group’s Retail network could count on 384 Directly Operated Stores (DOS), while the Wholesale and Travel Retail channel included 265 Third Party Operated Stores (TPOS), as well as the presence in Department Stores and high-level multi-brand Specialty Stores.
In the 9 months of 2015 the Retail distribution channel posted consolidated Revenues up by 7% (+1% at constant exchange rates), with a -2% performance at constant exchange rates and perimeter (like-for-like) vs. 9M 2014.
The Wholesale channel, despite the ongoing geopolitical tensions in Eastern Europe and in Greece, registered an increase in Revenues of 6% (stable at constant exchange rates) vs. 9M 2014, also thanks to the good performance of the Travel Retail channel.
Among the product categories it is especially worth highlighting the increase of handbags and leather accessories, that posted a growth above 11% in 9M 2015.