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Ferragamo Cautious After 2018 Core Revenue Beat

MILAN (Reuters) – Italian luxury goods maker Salvatore Ferragamo reported a larger-than-anticipated eleven % rise in core profit for 2015 however salvatore ferragamo wallet hong kong expressed warning on the outlook for 2016 after a comfortable start to the year.

Chief Govt Michele Norsa told analysts on Thursday like-for-like sales in the first two months broadly matched last yr’s three p.c drop.

“The start of the 12 months has not been significantly good,” he said, pointing to a double-digit drop in gross sales in Hong Kong.

“I’m more confident on mainland China the place we’re seeing a greater performance.”
Ferragamo‘s 2015 earnings earlier than curiosity, tax, depreciation and amortisation totalled 324 million euros (253.4 million pounds) final 12 months, above a Thomson Reuters SmartEstimate of 314 million euros. The EBITDA margin rose to 22.7 percent of income from 22 %.

Requested whether or not the group was comfy with present market expectations for 2016, salvatore ferragamo wallet hong kong Chief Financial Officer Ernesto Greco said that “consensus might be something we should explore month after month.”

Norsa said developments in the United States were little changed. In a more positive note, he echoed feedback from rival Tod’s (TOD.MI) about Italy doing better than expected. France, on the contrary, continued to endure after last year’s Paris attacks.

Ferragamo Vara Flats in Navy Blue“Our focus will likely be on shoes which is our core enterprise,” he mentioned. “We have one thing in mind: we might improve awareness, visibility and likewise most likely value positioning.”

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