Salvatore Ferragamo wrapped another strong year, reporting decent growth in its footwear sales. The firm says it expects to follow up its 13 percent profit gains in 2014 with even more growth in the year ahead.
The Italian luxury group posted net profits of 157 million euros, or $209.3 million based on average currency exchange for the period, up from last year’s 150 million euros, or $199.9 million. The 2013 figure included 13 million euros, or $17.1 million, of capital gain deriving from last year’s sale of the firm’s stake in ZeFer to the Ermenegildo Zegna group. Net profits were up 13 percent excluding capital gain.
Ferragamo said its revenues for the year totaled 1.33 billion euros, or $1.77 billion, up 6 percent from the previous year’s 1.26 billion euros, or $1.66 billion. Revenues matched Wall Street’s forecast for the year. Analysts polled by Yahoo Finance had predicted sales of $1.33 billion for the year.
The group said that handbags and footwear accounted for much of the year’s strong performance.
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“It is especially worth highlighting the increase of handbags and leather accessories [up 13 percent] and of footwear [up 5 percent] which together represent 78 percent of the Group total turnover,” the statement read.