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Italian firm Salvatore Ferragamo swings back to profit in first half
09 Sep 21 2 min read
Salvatore Ferragamo, an Italian luxury goods company, has reported a 44.2 per cent revenue jump to €523.8 million in the first half (H1) of FY21 ended on June 30, 2021, compared to the revenue of €363.5 million in the same period of last fiscal. The company’s operating profit during the six-month period expanded to €65.9 million (H1 FY20: loss €71.6 million).
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In the first half, the group’s retail distribution channel achieved 46.3 per cent growth in revenue to €381.3 million (€260.6 million), while wholesale channel recorded 41.1 per cent surge in revenue to €138.1 million (€97.8 million).
By geographic regions, revenue across all the markets reported a growth. North America’s revenue doubled to €136.9 million (€67.6 million), while the Asia Pacific area remained the top market in terms of revenue, up by 35.2 per cent to €222.2 million against revenue of €164.4 million in H1 FY20. Revenue from Europe during the period grew 22.2 per cent to €96.1 million (€78.6 million), and Japan registered an increase of 13.4 per cent to €41.0 million (€36.2 million). Central and South America revenue climbed 65.6 per cent to €27.4 million (€16.5 million).
The Italian fashion group’s gross profit in H1 accelerated to €360.9 million (€221.7 million). Net profit for the period improved to €33.4 million compared to the loss of €86.4 million in first half of 2020.
According to the group's press release, months of July and August are continuing to show a solid growth in revenues in directly operated stores in the US, China, South Korea and Latin America, over the same period of 2019.
Fibre2Fashion News Desk (JL)
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