Ferragamo sales beat forecasts in H1 despite slowdown in China

Revenues at Italian luxury group Salvatore Ferragamo grew above market forecasts in the first half of the year despite a slight slowdown in the second quarter due to COVID-19 restrictions in China.

Underpinned by sound growth in Europe and United States, sales rose by 17% at constant exchange rates to 630 million euros ($624 million) in the six months to the end of June, versus an analyst average estimate of 621 million euros, according to a Reuters poll.

Group operating profit totalled 95 million euros in the first six months of 2022 from 66 million euros a year earlier. Analysts had expected 83 million euros of EBIT.