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Italian Luxury Group Ferragamo’s Revenues Down 7.2% in Third Quarter

A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)
A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)
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Italian Luxury Group Ferragamo’s Revenues Down 7.2% in Third Quarter

A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)
A pair of shoes of Italian luxury shoemaker Salvatore Ferragamo is displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. (Reuters)

Revenues at Italian luxury group Salvatore Ferragamo fell by 7.2% at constant exchange rates in the third quarter of the year, hit by weak demand in Asia, the company said on Tuesday.

Revenues totaled 221 million euros ($241 million) in the period, below analyst expectations of 229 million euros, according to a consensus cited by analysts.

"The current context adds pressure on our top-line and profitability, therefore delaying the timing of the delivery of our financial objectives" Chief Executive Marco Gobbetti said in a statement.

The group foresees that the operating result for the full year will be at the lowest end of analysts' current estimates, it said in the statement.

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Fashion

Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
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Zara Owner Inditex Sees Good Holiday Season after Weak Third Quarter

FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo
FILE PHOTO: People shop during the opening of a Zara store after fashion giant Inditex resumed its operations in Venezuela under a franchise agreement, in Caracas, Venezuela April 25, 2024. REUTERS/Leonardo Fernandez Viloria/File Photo

Zara owner Inditex said the start of the holiday season had got off to a good start after it reported weaker than expected quarterly results as rainy weather hit some key European markets.
The company behind Zara and other brands said its sales rose a slower than expected 7% to 27.4 billion euros ($28.84 billion) during the period, below the 8% expected by analysts.
Its net profit of 4.44 billion euros for the first nine months of 2024, up 8.5% from a year earlier, was below analysts' average expectation of 4.52 billion euros.
The company however reported a better start of the holiday season, with revenues rising 9% during the six weeks to Dec. 9 as the world's biggest fast-fashion retailer kept drawing in shoppers even as rivals struggled.
Revenue growth in the period, which includes the key Black Friday sales, was slower than the 14% increase reported a year ago, though.
"We had a strong start to the last quarter against a demanding comparable in the same period of 2023," Inditex's capital market director, Marcos Lopez, told Reuters.
He stressed that in constant currency sales growth was 10.5% in the first nine months of the fiscal year and the growth in constant currency during the third quarter was the faster of the year.