Ferragamo Retail Sales Approaching Pre-Covid Levels in July and August


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Sep 8 2021

Italian firm Salvatore Ferragamo said on Tuesday that its July and August retail sales were close to pre-coronavirus levels, after returning to operating profit in the first half of 2021 from a pandemic-driven loss last year.

Salvatore Ferragamo – Fall / Winter 2021 – Womenswear – Milan – © PixelFormula

“The months of July and August continue to show strong revenue growth at directly operated stores in the United States, China, South Korea and Latin America compared to the same period in 2019,” the company said in a statement.

However, it did not provide an estimate for the entire year.

Ferragamo, which has been hit harder than most of its rivals by the consequences of the coronavirus crisis due to its high exposure to travel spending, is counting on the arrival of former Burberry CEO Marco Gobbetti as its leadership from late this year, to intensify restructuring efforts that have experienced trouble producing results.

The resignation of CEO Micaela Le Divelec Lemmi is effective as of Tuesday and all powers of ordinary management will pass to Executive Vice President Michele Norsa prior to Gobbetti’s arrival.

In the first half, operating profit rose to 66 million euros ($ 78.19 million) from a loss of 72 million euros in the same period last year.

Sales grew 46.2% at constant exchange rates in the first six months, to 524 million euros, the company said in July.

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