Ferragamo Interim Profit Fell 5.5%, Revenue 82 Million 17 Thousand Euros

The luxury group Salvatore Ferragamo SpA (SFER.MI) SpA (SFER.MI) Ferragamo released its midterm results yesterday after the first half of June 30, 2014, and the net profit of Salvatore Ferragamo SpA fell 5.5% to 82 million 17 thousand euros from 86 million 799 thousand euros in the same period of last year.

Excluding the sale of shares of Zefer in the first half of 2013 with the Ermenegildo Zegna SpA joint venture Zefer, the profit increased by 10% in the first half of the year.

In the first half of fiscal year June 30, 2014, Salvatore Ferragamo SpA Ferragamo revenue rose 5.5%, from 624 million 700 thousand euros in the same period last year to 659 million euros, an increase of 7.6% under the fixed exchange rate, of which two quarter revenue grew 5%, from 342 million euros in the same period last year to 360 million euros.

As Salvatore Ferragamo SpA Ferragamo, the most important market in the Asia Pacific region (except Japan), despite the lowest growth rate in all the markets in the first half of 2014, the Greater China region had a double-digit growth rate of 15% and 11% in the two quarter and the first half of the year.

In the first half of the year, the Asia Pacific region (except Japan) earned only 5.6% increase in fixed exchange rate.

First half of 2014

Salvatore Ferragamo SpA Ferragamo operates 357 Direct stores, and another 269 wholesale, tourist retail outlets and store stores and multi brand professional stores run by third parties.

Retail sales increased by only 5% in the first half of the year, of which 3% increased in the two quarter, while the wholesale channel benefited from the strong retail sales and increased by 12% in the first half of 2014.

Salvatore Ferragamo SpA Ferragamo's gross profit increased by 5% in the first half of fiscal year 2014, from 393 million 900 thousand euros in the same period last year to 413 million 700 thousand euros, but gross margin fell to 62.8% at 30 basis points, while operating profit increased 8% in the first half, from 111 million 600 thousand euros in the same period last year to 120 million 600 thousand euros, with an increase of 40 basis points to 14.3%.

On Thursday, Salvatore Ferragamo SpA (SFER.MI) Ferragamo shares rose 0.10% to 20.62 euros, so far this year, the stock has plunged more than 25%.