Ferragamo Profits Rise In First Half

While Asia-Pacific remains Salvatore Ferragamo’s top market, growth across all of its geographic segments helped the firm post double-digit gains in profits and revenues for the first half of 2015.

The group said its total revenues as of June 30, 2015 totaled 722 million euros, or $806 million, a 10 percent year-over-year rise despite currency pressures. In the second quarter, net revenues totaled 395 million euros, or $437 million, a 10 percent — or 2 percent currency-neutral — increase over the comparable quarter’s sales.

Net profits in the first half climbed 13 percent year-over-year, to 88 million euros, or $98 million. Including a minority interest of 2 million euros, net profits were up 10 percent year-over-year, to 90 million euros, or $101 million.

Footwear contributed the biggest chunk to Ferragamo’s revenues, accounting for 42 percent of reported revenues and growing 8.5 percent year over year.

Ferragamo said its handbags-and-leather-accessories category also saw a notable increase of 16 percent in the first half, while an “unstable situation” in Eastern Europe created a drag on fragrances.

Revenues in Asia-Pacific grew 7 percent, Europe and Japan each posted an increase of 8 percent, North America rose by 16 percent and Central and South America recorded an increase of 18 percent.

* Conversions calculated based on currency average for the period Jan. 1, 2015 through June 30, 2015 (H1) and Apr. 1, 2015 through June 30, 2015 (Q2).

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