Ferragamo cautious on 2018 after sales, profitability drop in 9 months
today Nov 9, 2018
Italian luxury goods maker Salvatore Ferragamo said its outlook for the year remained cautious after posting a 3.3 percent drop in nine-month sales, hit by currency swings and due to weakness in some divisions and geographic areas.
The Florence-based company said January-September sales fell to 972 million euros ($1.11 billion), in line with an analyst consensus of 968 million euros. Sales fell 1.6 percent at constant exchange rates.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 7.9 percent to 149 million euros, slightly above expectations.
Like-for-like sales fell 1.5 percent during the nine months. But the trend was improving during the third quarter, when sales contracted 0.9 percent.
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