By
Reuters API
Published
Jan 31, 2018
Download
Download the article
Print
Text size

Italy's Ferragamo full-year sales drop 3.1 percent as inventory clearance continues

By
Reuters API
Published
Jan 31, 2018

Italy's Salvatore Ferragamo said on Wednesday that 2017 preliminary revenues fell 3.1 percent, dragged by the group's sales in the last three months of the year, as it struggles with its ambitious new strategy.


Photo: Ferragamo


The luxury goods group said 2017 fourth-quarter sales were down 8.4 percent at current exchange rates, hit by adverse currencies and an ongoing planned clearance of its product inventory.

Since launching a plan last year to make the brand more contemporary and appealing, the Florence-based company's core profit margins have been falling year-on-year. In December the group said it could not confirm its medium-term targets.

Like-for-like sales last year were down 1.7 percent.
 

© Thomson Reuters 2024 All rights reserved.