Net profit up 85% for Salvatore Ferragamo

Italy
Published:  08 September, 2022
Credit: Ferragamo

The Salvatore Ferragamo Group has reported a net profit increase of 85.2% in its financial results for the first half of 2022.

Net profit for the period was €62 million, up 85.2% year-on-year, while revenues for the first half came in at €630 million, an increase of 20.3%.

The retail channel achieved a net sales increase of 16.5% for the company during the period, while wholesale recorded growth in net sales of 40.9%.

By geographical area, the Asia Pacific registered net sales falling by 1.5% against the same period in 2021, primarily down to Covid-19 restrictions in Greater China.

Meanwhile, the Japanese market saw a 28% increase in H1, while EMEA registered net sales growth of 45.8%, North America was up by 41.6% and net sales in Central and South America increased by 44.2%.

Salvatore Ferragamo noted that all of its main product categories recorded significant increases year-on-year in the period, with footwear and leather goods representing 87% of net sales.

CEO and General Manager Marco Gobbetti said: “We are pleased with the continued growth of revenues and profitability in the second quarter, despite the enduring impact of the pandemic in China. All other geographies have shown positive performances.

“We made excellent progress on our strategic priorities and will accelerate our investment in the second half of the year, as planned, to build strength in platforms and regions to support our growth agenda, while remaining mindful of the more volatile and challenging macroeconomic backdrop.”