Ferragamo sales jump in Q2, lagging behind pre-COVID levels
MILAN, July 20 (Reuters) – Italian luxury goods group Salvatore Ferragamo (SFER.MI) nearly doubled sales in the second quarter after the crisis caused by last year’s pandemic, China, the Americas and the South Korea being behind the rebound.
However, revenues were still far from pre-COVID levels and the Florentine brand is counting on the arrival of Burberry Managing Director (BRBY.L) Marco Gobbetti at the helm later this year to step up turnaround efforts that have so far. ‘now struggled to deliver results. .
Ferragamo, which has been hit harder than most of its competitors by the fallout from the coronavirus crisis due to its exposure to travel spending, said on Tuesday its first-half sales rose 46.2% at rate constant exchange rates to reach 524 million euros (617 million dollars).
That’s about a fifth below the January-June 2019 level, despite an annual jump of 90.5% in the second quarter alone.
The trend is improving, however, as July “continues to show solid growth in own-store revenues in the United States, China, Korea and Latin America both over 2020 and over the year. same period of 2019, ”the company said. He gave no guidance for the whole of 2021.
Most luxury groups have already reached, if not surpassed, pre-COVID levels. But the pandemic hit Ferragamo just as the family business was striving to rejuvenate a brand famous for the shoes worn by Hollywood stars like Audrey Hepburn.
The task now falls to Gobbetti, who is credited with relaunching Burberry by breathing new life into the British label.
First-half sales, which do not include the perfumes business, are generally in line with analysts’ expectations collected by Reuters.
Ferragamo, which did not provide a revenue breakdown for the second quarter, said online sales performed well during the period, up 66%.
($ 1 = 0.8499 euros)
Reporting by Claudia Cristoferi; edited by Valentina Za and Steve Orlofsky
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