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Ferragamo Cautious After 2018 Core Revenue Beat
MILAN (Reuters) – Italian luxurious goods maker Salvatore Ferragamo reported a bigger-than-anticipated 11 p.c rise in core profit for 2015 but ferragamo sireno shoes expressed warning on the outlook for 2016 after a gentle begin to the 12 months.
Chief Government Michele Norsa advised analysts on Thursday like-for-like gross sales in the primary two months broadly matched last year’s three percent drop.
“The beginning of the yr has not been particularly good,” he mentioned, pointing to a double-digit drop in sales in Hong Kong.
“I am more assured on mainland China where we’re seeing a greater efficiency.”
Ferragamo‘s 2015 earnings earlier than curiosity, tax, depreciation and amortisation totalled 324 million euros (253.Four million pounds) last 12 months, above a Thomson Reuters SmartEstimate of 314 million euros. The EBITDA margin rose to 22.7 p.c of revenue from 22 %.
Asked whether the group was snug with current market expectations for 2016, Chief Monetary Officer Ernesto Greco mentioned that “consensus is probably one thing we should discover month after month.”
Norsa mentioned tendencies within the United States have been little modified. In a extra optimistic note, he echoed comments from rival Tod’s (TOD.MI) about Italy doing higher than expected. France, on the contrary, continued to undergo after last yr’s Paris assaults.
“Our focus will be on footwear which is our core business,” he mentioned. “Now we have one thing in mind: we might improve consciousness, ferragamo sireno shoes visibility and in addition probably worth positioning.”