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Italian fashion firm Salvatore Ferragamo extends growth streak in Q3
11 Nov 21 2 min read
Salvatore Ferragamo, an Italian luxury goods company, has reported a 33.9 per cent revenues growth to €785.3 million in the third quarter (Q3) of FY21 ended on September 30, 2021, compared to the revenues of €586.7 million in the same period of last fiscal. Net profit during the nine-month period rose to €39.8 million (Q3 FY20: loss €96.0 million).
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The group’s retail distribution channel achieved a 37.2 per cent hike in revenues to €570.5 million (€415.9 million), with growth across China, North America, Latin America and Korea region which exceeded the pre-COVID revenues level. Moreover, wholesale channel recorded a 27.1 per cent jump in revenues to €208.1 million (€163.7 million).
By geography, Asia Pacific came out as the biggest market during Q3 with sales of $309.9 million, up 22.7 per cent over the third quarter of 2020. Europe recorded a 16.8 per cent sales rise to $151.6 million, while North American sales accelerated by 85.1 per cent to $218.0 million. Sales from Japan marginally grew by 4.9 per cent to $61.8 million, and Central and South America sales went up 59.3 per cent to $43.8 million.
During Q3 FY21, Italian fashion company’s gross profit improved to $531.7 million ($359.5 million), while operating profit surged to $84.5 million (loss: $69.1 million).
Fibre2Fashion News Desk (JL)
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