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Ferragamo gross sales fall 60% in quarter most affected by COVID disaster

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MILAN Gross sales at Italian style group Salvatore Ferragamo fell by 60% within the second quarter, the toughest hit by the coronavirus disaster as a result of world lockdown measures. The Florence-based leather-based items model reported on Tuesday gross […]

MILAN Gross sales at Italian style group Salvatore Ferragamo fell by 60% within the second quarter, the toughest hit by the coronavirus disaster as a result of world lockdown measures.

The Florence-based leather-based items model reported on Tuesday gross sales of 377 million euros ($442 million) within the six months to June after a drop of greater than 30% within the first quarter.

Analysts had anticipated revenues at round 386 million euros for the semester, in accordance with Refinitiv estimate.

The virus outbreak, with its store closures and tourism slowdown, hit the group at a time when Chief Government Micaela Le Divelec was main a model re-launch.

Final 12 months, the group returned to gross sales development for the primary time since 2015 however in Might it known as again former CEO Michele Norsa as govt vice chairman to climate the COVID-19 storm.

The corporate gave no clue on the outlook for the 12 months however flagged that July confirmed an enchancment within the gross sales pattern in contrast with the earlier quarter in all its markets.

“Specifically, as at July 25 the group has registered a strong development within the instantly operated shops in Mainland China, Korea and Japan versus July 2019,” it stated within the assertion.

Final month, the corporate determined to postpone all remaining first-half knowledge and an analyst convention name to Sept. 15 to have the ability to present measures taken by the group to deal with fallout from the well being emergency, a supply stated.

Disclaimer: This publish has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor


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