Salvatore Ferragamo on Thursday reported that its adjusted operating profit had more than halved last year, as the Italian luxury leather goods group looks for a new boss to replace outgoing Chief Executive Marco Gobbetti.
Adjusted earning before interest and taxes (EBIT) dropped to 35 million euros, better than a LSEG analysts consensus, after the company last year said it expected an EBIT around 30 million euros.
The group reported a net loss of 68 million euros in 2024 from a profit of 26 million euros a year earlier.
Ferragamo's revenues declined 4% at constant currencies in the fourth quarter. In January the group flagged "encouraging results" from its direct-to-consumer sales which were overall flat in the last three months of the year.
The group said last month that its CEO Gobbetti would leave on March 6 after little over three years in charge, during which time the former Burberry chief failed to stem a slide in sales at the Florentine brand.
