Excellent results for the Salvatore Ferragamo Group
The Board of Directors of Salvatore Ferragamo S.p.A., parent company of the Salvatore Ferragamo Group, one of the global leaders in the luxury sector, meeting under the chairmanship of Ferruccio Ferragamo, examined and approved the Interim Management Report at 30 September 2011, drafted according to IAS/IFRS international accounting principles, recording an increase in revenues (up 27.6% compared to 30 September 2010) and a Net Profit for the period, including Minority Interest, of 78.3 million Euros (up 85.0% compared to 30 September 2010).
There was also a strong growth in EBIT, rising from 58.6 million Euros in 3Q 2010 to 113.1 million Euros in 3Q 2011, with a 93.0% increase.
As of 30 September 2011, the Salvatore Ferragamo Group has posted Total Revenues of 701.3 million Euros, a 27.6% increase, at current exchange rates, over the 549.8 million Euros recorded in the first nine months of 2010, showing significant growth in all geographical areas, product lines and distributions channels.
Revenue growth at constant exchange rate has been 26.0% In 3Q 2011 the Total Revenue growth at current exchange rate has been 23.4% (18.4% at constant exchange rate) vs. 3Q 2010, growing from 195.8 million Euros to 241.6 million Euros.
The 2-year cumulated growth rate on 2009 shows a further acceleration on 1Q 2011 and 2Q 2011 (respectively growing 40.9% and 66.9%) with an increase of 67.1% in 3Q 2011.
The Group's excellent Revenue growth is further confirmation of the success of Ferragamo's strategy: focussing on top quality products and on the “Made in Italy” image, meeting the expectations and demands of its global customers. Revenues by geographical area All geographical areas delivered significant growth, with the sole exception of Japan.
Average revenue growth recorded is at least up 29.0% at current exchange rates. The Asia Pacific area is confirmed as the Group's top market in terms of Revenues, with a turnover of 248.6 million Euros, up 36.0% on the revenues of the first nine months of 2010; this performance was achieved also through the contribution of the retail channel, which in China recorded a growth of over 50% compared to the same period in 2010.
Europe recorded excellent growth figures, with an increase of 29.3% over the first nine months of 2010. In 3Q 2011 growth was 13.7% over 3Q 2010, which had already posted an excellent 40.0% increase over 2Q 2009. North America, improving the strong trend already shown in the first half of 2011, recorded a growth of 31.1% The Japanese market, despite the earthquake that devastated the country and problems related to nuclear contamination, showed a 1.7% increase in revenues, demonstrating the Ferragamo brand's excellent positioning on this market.
Revenues in the Central and South American area also showed excellent growth (+33.3%).
As of 30 September 2011, the Salvatore Ferragamo Group's Retail network can count on 317 Directly Operated Stores (DOS), while the Wholesale channel includes 268 Third Party Operated 3 Stores (TPOS) in Travel Retail, as well as presence in Department stores and high-level multi-brand Specialty stores.