Jan 29, 2016
Forex moves boost
Ferragamo's 2015 sales despite Asia weakness
Jan 29, 2016
Italian luxury goods group Salvatore Ferragamo reported a 7.4 percent rise in 2015 revenues as favourable currency moves helped to offset weakness in its biggest market, Asia, as well as in North America.
Last year's revenues at the Florentine shoemaker totalled 1.43 billion euros ($1.6 billion), broadly in line with analysts' average forecast of 1.41 billion euros in a Thomson Reuters poll.
Stripping out currencies, revenues were up 1.3 percent from a year earlier, thanks to a 2.1 percent increase in the fourth quarter.
Analysts had been looking for an improvement in the last three months of the year after a weak third quarter.
Annual revenues rose by 6 percent at constant currencies in Europe and more than twice as much in Japan, which is seeing growing numbers of Chinese tourists.
Asia Pacific, which accounts for more than a third of total sales, saw a 3.3 percent decline, which was more than offset by the weakness of the euro against local currencies.
An economic slowdown in China is curbing consumer spending, putting a brake on growth for the luxury industry.
Ferragamo also booked a 51 million euro hit on revenues from currency hedging last year.
$1 = 0.9130 euros
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