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Italy's Salvatore Ferragamo posts revenue of €844 mn in 9M FY23

23 Oct '23

2 min read

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Salvatore Ferragamo Group's 9M FY23 revenues declined 8.3 per cent to €844 million.
This decrease was influenced by drops in both retail and wholesale channels by 10.2 per cent and 16.6 per cent respectively.
While the Asia Pacific, Japan, North America, and Central and South America regions saw reduced sales, EMEA reported a 3.1 per cent growth.

Salvatore Ferragamo Group has reported total revenues of €844 million in the first nine months of fiscal 2023 (9M FY23), marking an 8.3 per cent decrease at current exchange rates, or 9.2 per cent at constant exchange rates, compared to the same period in FY22. The brand cited a negative perimeter effect in both its retail and wholesale channels as a contributing factor to the decline.

The retail distribution channel experienced a drop in consolidated net sales of 10.2 per cent at current exchange rates, or 7.3 per cent at constant rates, compared to 9M FY22. The decline was attributed to a softer market in the third quarter, the company said in a press release.

The wholesale channel saw a 16.6 per cent decrease in net sales at current exchange rates, or 15.3 per cent at constant rates, versus the prior year.

In terms of geographical performance, the Asia Pacific region witnessed a 16.4 per cent decline in net sales at current rates, or 11.7 per cent at constant rates, against 9M FY22. The Japanese market reported an 11.6 per cent drop in net sales at current rates, translating to a 2.7 per cent decrease at constant exchange rates.

Europe, Middle East, and Africa (EMEA) bucked the trend by posting a 3.1 per cent growth in net sales at current rates, or 3 per cent at constant rates. North America experienced a significant 20.1 per cent decrease in net sales at current rates, or 18.2 per cent at constant rates. Central and South America also recorded a decline, with net sales down by 3.1 per cent at current rates and 9.6 per cent at constant rates.

“In these nine months, we continued to invest in our business, making critical choices and progressing in the execution of our strategic priorities, in line with our plans. We are pleased by the early results of the products designed by our creative director Maximilian Davis, confirmed by the success of our recent Spring-Summer’24 Fashion Show which gained excellent resonance and visibility,” said Marco Gobbetti, chief executive officer and general manager.

Fibre2Fashion News Desk (DP)

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