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Salvatore Ferragamo Group Examined The Consolidated Interim Report as of 30 September 2012

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Core Tip: The Board of Directors of Salvatore Ferragamo S.p.A.,parent company of the Salvatore Ferragamo Group,one of the global leaders in the luxury sect

The Board of Directors of Salvatore Ferragamo S.p.A.,parent company of the Salvatore Ferragamo Group,one of the global leaders in the luxury sector,meeting under the chairmanship of Ferruccio Ferragamo,examined and approved the Consolidated Interim Report as of 30 September 2012,drafted according to IAS/IFRS international accounting principles.

As of 30 September 2012,the Salvatore Ferragamo Group has posted Total Revenues of 832.6 million Euros(including-15.7 million Euros of"hedging impact"2 vs.+7.5 million Euros in 9M 2011),a 18.7%increase at reported exchange rates(+22.3%excluding the"hedging impact"2),over the 701.3 million Euros recorded in the first nine months of 2011,showing significant growth in all geographical areas,product categories and distribution channels.Revenue growth at constant exchange rate has been 14.5%.

The 2-year cumulated growth rate on 2010 is 51.4%in the first nine months of 2012.In 3Q 2012 Total Revenue reached 267.5 million Euros(including–8.1 million Euros of"hedging impact"2 vs.+6.5 million Euros in 3Q 2011).The reported growth,despite a slowdown vs.the previous quarters,has been 10.7%(+17.2%excluding the"hedging impact"2)and 8.0%at constant exchange rate vs.3Q 2011.

The Asia Pacific area is confirmed as the Group's top market in terms of Revenues,with a turnover of 297.0 million Euros(representing 35.6%of total),up by 19.5%on the revenues of the first nine months of 2011(+6.1%in 3Q 2012).This performance was achieved also through the substantial contribution of the retail channel which recorded a growth of about 20%in the area,compared to the same period in 2011,and over 30%growth in Mainland China.

Europe confirmed the extraordinary brand awareness of Ferragamo and its ability to attract the interest of the global tourist flows,also thanks to the Group's renovation activity of the major stores in strategic locations worldwide,recording a revenue growth of 22.6%in the nine months of 2012.In 3Q 2012 growth was 15.7%over 3Q 2011,confirming the positive trend already registered in the first six months.

A significant contribution to growth also came from North America,where revenue recorded a growth of 16.8%in the nine months of 2012,and+12.6%at constant exchange rates in 3Q 2012.2 The"hedging impact"is the Revenue adjustment,in the Profit&Loss,for the amounts of the derivatives contracts related to the sales in currencies other than the Euro.

The Japanese market registered a surge of 9.2%(-0.9%at constant exchange rates)in 9M 2012,thanks to the favourable trend recorded in 3Q 2012(+2.0%at constant exchange rates)and the positive impact of the exchange rates.

Revenues in Central and South America also continued the excellent growth trend,registering an increase of 29,4%on the nine months of 2011(+20.9%in 3Q 2012).

As of 30 September 2012,the Salvatore Ferragamo Group's Retail network can count on 332 Directly Operated Stores(DOS)from 323 at 31 December 2011,while the Wholesale and Travel retail channel includes 271 Third Party Operated Stores(TPOS)from 270 at 31 December 2011.At 30 September 2012 the Retail distribution channel posted consolidated Revenues of 532.5 million Euros,a 15.3%increase over the 461.9 million Euros posted as of 30 September 2011.In 3Q 2012 Revenues reached 178.6 million Euros from 160.1 million Euros registered in 3Q 2011,increasing by 11.6%and 9.4%at constant exchange rates.
 
 
The growth marks a 8.1%increase at constant exchange rates and perimeter in the first nine months of 2012-and a 7.8%increase in 3Q 2012 vs.3Q 2011–after the 18.7%growth registered in 9M 2011.
 
 
The Wholesale and Travel retail channel marked a 25.7%increase,growing from 228.0 million Euros,recorded over the first nine months of 2011,to 286.6 million Euros at 30 September 2012.In 3Q 2012 Revenues reached 84.2 million Euros from 77.9 million Euros registered in 3Q 2011,increasing by 8.0%and 4.3%at constant exchange rates.The performance is mainly attributable to a slowdown in the Travel Retail channel in the Asia Pacific area and to a different timing in deliveries.
 
 
All product categories,with the sole exception of Ready to Wear,delivered a marked increase in revenues,above or close to 20%,over the nine months of 2011.Especially worth highlighting,the increased revenues in footwear(+20.6%)and in handbags and leather accessories(+19.6%),which together represent about 75%of Group total turnover.

The Gross Profit,amounting to 531.0 million Euros,recorded a 18.3%growth and accounts for 63.8%of revenues,broadly stable over the 64.0%registered in 9M 2011(showing a decrease in 3Q 2012 from 64.9%to 64.1%),mainly due to the negative"hedging impact"5 and the unfavourable channel mix.
 
 
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