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Ferragamo's Q1 Revenue Declines

13/05/2024
Ferragamo's Q1 Revenue Declines
Italian shoe and leathergoods brand Salvatore Ferragamo, has reported a decline of 16.6% in revenue at constant exchange rates in the first quarter, according to a report by Reuters.

The sales slowdown was observed across all geographies and channels, with China being a challenging market.

Chief Executive Marco Gobbetti said, "Our performance was impacted over the quarter by the continued volatility in the Chinese market, as well as a persisting weakness in wholesale and travel retail, further compounded by an unfavourable comparison."

The company's Q1 revenue was €227m ($244.5m), which was below analyst expectations of €237m, according to a LSEG consensus. Despite the difficult market conditions, the CEO noted that the gross margin is not expected to worsen.

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