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Ferragamo unable to confirm medium-term targets set in February

By Prachi Singh

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Report

The board of directors of Salvatore Ferragamo, while evaluating the development programs of the company and the significant IT and marketing investments, in order to re-launch the brand and to optimize the group’s commercial, production and logistic processes, recognized an extension of the transition phase into the financial year 2018, that characterized 2017. The company said that the board is not able to confirm the medium-term ambitions presented to the market on February 3, 2017.

In an Investor Day Presentation, outlining the medium term growth targets, the company had said that it expects to achieve topline growth twice the market rate along with improved gross margin and EBITDA.

For the nine month period to September 30, 2017, the company posted total revenue of 1,005 million euros (1,884 million dollars), a 0.9 percent decrease against 9M 2016. The gross profit also decreased by 5.1 percent to 645 million euros (759 million dollars), while EBITDA decreased by 25.1 percent over the period, to 162 million euros (190 million dollars).

Picture:Ferragamo website

Salvatore Ferragamo