Ferragamo releases first quarter results

Italy
Published:  12 May, 2021

The Italian fashion house has released its interim reports as of March 31, 2021, showing a 10.3% revenue increase, an operating profit of €7 million and confirming the Asia Pacific region as the group’s top revenue market.

Despite Covid-19 orientated lockdowns and restrictions, the group reported total revenues of €245 million, up by 10.3% at current exchange rates (or up 13% at constant exchange rates) compared with the €222 million recorded in the first quarter of 2020.

The Asia Pacific area is confirmed as the group's top market in terms of revenues, increasing by 50.6% (or 51.7% at constant exchange rates) year-on-year. In the first quarter of 2021, the retail channel in Greater China posted a revenue growth of over 105% compared with the same period in 2020. In particular, the retail channel in China posted an increase in revenues of over 128% year-on-year at constant exchange rates. The retail channel in Korea also posted a solid growth trend, up 33.7% compared to the first quarter of 2020. The Japanese market in the first quarter of 2021 registered a decrease in revenues of 9.3%, or 6.5% at constant rates, penalised by the evolution of the pandemic and the consequent restrictions. Overall, the Asian continent represents currently over 51% of total Group revenues.

EMEA posted a decrease in revenues of 20.5% (down 22.5% at constant exchange rates) year-on-year, North America recorded revenues up by 9.9% (or 18.2% at constant exchange rates) compared to 2020, revenues in the Central and South America in the first quarter of 2021 were down 20.1% (or 10% at constant rates) year-on-year, with a positive trend in all markets, with the exception of Mexico, due to the continued lockdown.

Gross Operating Profit (EBITDA) amounted to €48 million, from €12 million in 2020, with an incidence on revenues of 19.5% from 5.2%. The Operating Profit (EBIT) was positive for €7 million versus €36 million negative in the first quarter of 2020.

All main product categories reported an increase in the first quarter 2021 versus the same period in 2020.

Credit: Ferragamo