6.2 C
London
Tuesday, December 3, 2024
HomeNewsSalvatore Ferragamo's Profit Plunges Over 40% in First Half

Salvatore Ferragamo’s Profit Plunges Over 40% in First Half

Date:

Related stories

Gazprom Maintains Stable Gas Deliveries to Europe, Sending 42.3 Million m³ on Monday

Brussels, October 14 (FinanceFlashNews.com) – Gazprom, Russia’s gas producer,...

Markets Anticipate Faster ECB Rate Cuts as Eurozone Inflation Falls

Frankfurt, October 14 (FinanceFlashNews.com) – Financial markets are predicting...

Tax Hike in France Will Hurt Investments, Warns Stellantis CEO

Paris, October 14 (FinanceFlashNews.com) – The French government's plan...

Finland’s Inflation Drops to Lowest Level in Nearly Four Years

Helsinki, October 14 (FinanceFlashNews.com) – Year-on-year inflation in Finland...

Moody’s Downgrades Belgium’s Credit Outlook to Negative

Brussels, October 13 (FinanceFlashNews.com) – Moody's Ratings downgraded Belgium’s...

Milan, August 2 (FFN) – Italian luxury goods manufacturer Salvatore Ferragamo has reported a significant decline of over 40% in its operating profit for the first half of this year. This continues a similar trend seen in the previous year. Financeflashnews reports this based on a Reuters news agency.

Salvatore Ferragamo Financial Highlights

MetricH1 2023 (€ million)YoY Change (%)
EBIT28-41%
Revenue~11% decrease

The family-owned company, renowned for its leather footwear and handbags, announced this week that its earnings before interest and taxes (EBIT) reached 28 million euros in the first half, representing a year-on-year decrease of 41%.

This earnings trend mirrors the previous year. In 2023, Salvatore Ferragamo also experienced an EBIT decline of over 40%, reaching 72 million euros. Despite this, the results surpassed analysts’ expectations, who had forecast a first-half profit decline to 20 million euros.

Revenue is also continuing to decline. While last year saw a 7.6% decrease, the first half of this year experienced an approximate 11% drop. The company attributed the significant impact on its financial results, particularly in the second quarter, to an unfavorable consumer environment, especially in the Asia-Pacific region. This overshadowed positive results in other markets.

Financeflashnewshttps://financeflashnews.com
This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories