executive / management

Salvatore Ferragamo posts sharp decline in turnover and profit

Posted On: Sep 16, 2020   |   Posted By: Fashion United

As of June 30, 2020, the Salvatore Ferragamo Group reported revenues of 377 million euros down 46.6 percent at current exchange and 46.9 percent at constant exchange rate. Revenues in the second quarter registered a 60.1 percent decrease at current exchange and 59.4 percent at constant exchange rates. The company said in a statement that the drop in revenues has been determined by the rapid diffusion of the pandemic caused by Covid-19.
In the first half, the company's gross profit decreased by 50.5 percent to 226 million euros. Its incidence on revenues was down 480 basis points, moving to 60.0 percent, from 64.8 percent of 1H 2019. The gross operating profit decreased by 83.9 percent over the period to 30 million euros, while operating profit was negative at 74 million euros vs. 94 million euros positive in 1H 2019. The company said that pre-tax profit was negative for 93 million euros vs. 79 million euros positive last year, net profit was negative 86 million euros vs. 60 million euros...

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