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Sales at Ferragamo Down 17% in First Quarter

A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco
A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco
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Sales at Ferragamo Down 17% in First Quarter

A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco
A view of Italian luxury fashion house Salvatore Ferragamo's logo at a store in Milan, Italy, March 6, 2024. REUTERS/Claudia Greco

Sales at Italian luxury group Salvatore Ferragamo fell 16.6% at constant exchange rates in the first quarter, the company said on Thursday.
"Over the quarter, our performance was impacted by continued volatility in the Chinese market, as well as a persisting weakness in wholesale and travel retail, further compounded by an unfavorable comparison", Chief Executive Marco Gobbetti said in a statement.

Revenues totaled 227 million euros ($244.5 million), below analyst expectations of 237 million euros according a LSEG consensus.

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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
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H&M Abandons 2024 Earnings Margin Target, Q3 Profit Lags

People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko
People walk past a closed H&M clothing store in Omsk, Russia, March 3, 2022. REUTERS/Alexey Malgavko

H&M, the world's second-largest listed fashion retailer, said on Thursday it no longer expected to reach its full-year earnings margin goal, while reporting a lower-than-expected operating profit for the June-August period.

H&M has struggled to boost its profitability amid high inflation and stiff competition from its bigger Spanish rival Zara, owned by Inditex, and the rapid growth of cut-price online fast-fashion retailer Shein.

"At present we estimate that this year's operating margin will be lower than 10%," Chief Executive Daniel Erver said in a statement.

The accumulated margin stood 7.4% for the first three quarters.

The full-year operating margins for 2022 and 2023 were 3.2% and 6.2% respectively, and H&M had cautioned in June that factors such as materials costs and foreign currency had made the 2024 target more difficult to reach.