Ferragamo third-quarter revenue falls as wholesale drops

By Reuters News

Oct 20 (Reuters) - Revenues at Italian luxury group Ferragamo SFER.MI fell 3.5% at constant exchange rates in the third quarter as wholesale sales dropped 19.1% from a year earlier, ​the company said on Tuesday.

"The market backdrop remained particularly challenging during the third quarter, impacted by ongoing geopolitical tensions and a generally subdued consumer environment over the summer," Ferragamo said a statement.

  • Revenues totaled €207 million ($232.61 million), slightly below an ​Equita-cited consensus of €209.6 million

  • Net sales were down 5.2% in the EMEA region and 11.1% in the Asia Pacific, while in North America the figure was up 2.4% at constant exchange rates.

  • Wholesale sales dropped 19.1% in the third quarter, while direct-to-consumer (DTC) channel remained flat.

  • The drop ​in wholesale sales reflects the company's decision ​to focus on DTC ​and key accounts, the company said, confirming an established trend.

  • DTC channel accounted for 79.5% of ​total sales as of September 30.

($1 = 0.8899 euros)

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