Salvatore Ferragamo Group reports six months revenue down 46.6% and an operating profit (EBIT) decline of 74 million Euros. Ferragamo’s net profit in the first half of 2020 decreased by 86 million Euros. Revenues performance in the months of July and August solidly increasing in China, Korea and in the digital channel vs. 2019.
The drop in Revenues has been determined by the rapid diffusion of the pandemic caused by a novel coronavirus, known as Covid-19 and the consequent decisions taken by the national governments regarding prohibitions and lock-downs of the commercial activities and of the international traffic, brought to the closure of the majority of the Group’s store network in those countries and to a significant reduction in traffic in the remaining stores, in the period.
All product categories, at constant exchange rates2, reported a decrease in the first of 2020 vs. the same period of last year. The Fragrances division registered a decrease in revenues of 66.6% vs. first half of 2019, also due to the postponement of the launch of new products as a consequence of the lock- down measures in the global markets.
In the first half of 2020, China recorded an increase of 11.6% at constant exchange rates. The Japanese market registered a 37.4% decrease in revenues. Overall the Asian continent represents over 54% of total Group’s revenues.
EMEA posted, in the first half of 2020, a decrease in revenues of 51.7% strongly penalised by the stores closures and the lack of tourists’ flows in the period. North America recorded a revenue decrease of 54.4% while Central and South America’s decline was 54.6%.
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