Salvatore Ferragamo posted revenues slightly down in the first quarter mainly due to the weakness of demand in the area Pacific Asia, but not Japan, which instead continued to buy the Italian luxury brand. Furthermore, sales increased both in Europe and in Americas. Also good is the wholesale channeland which saw a 10% jump in all geographical areas.
Il the stock has collapsed on Piazza Affari, after three days of rally arrived in the wake of the trade thaw between the US and China. This morning the stock on the stock exchange in the late morning lost 4,30% to 5,79 euros, rising from the low of the early trading hours to 5,60 euros. Starting from Monday, with the joint US-China announcement on the easing of tariffs that has given hope for the reappearance of Chinese consumers, the entire luxury sector had risen and Ferragamo was one of the best with a 7% increase on Monday. Similarly this morning, in generally weak markets, profit taking is also seen on Moncler (-0,92%), BRUNELLO CUCINELLI (-1,41%), while in the rest of the European stock exchanges Kering loses 3,72% e lvmh is -2,28%.
Ferragamo closed the first quarter with consolidated revenues down 2,6% at current exchange rates and 1% at constant exchange rates to €221 million, it said in a note, slightly below Visible Alpha's consensus of €223 million. Retail net sales fell 4,5% at constant exchange rates.
Wholesale channel jumps 10% in all geographic areas
On the other hand, the Wholesale channel performed well, reporting peak sales up 31% (+7,9% at constant exchange rates) as of March 10,3, compared to the same period in 2024, with positive results in all geographical areas.
“The difficult macroeconomic context has affected consumer confidence and impacted the performance of the first quarter, determining a decline in traffic, only partially offset by a higher conversion rate and an increase in the average receipt,” says a note. During the call with analysts, the director Ernesto Greco which said that sales in April showed a negative trend.
Europe tops sales, followed by Americans
The area emea, in the first quarter of 2025, recorded a peak sales increase of 9,1% (+8,3% at constant exchange rates), compared to the first quarter of 2024, with positive results for both the DTC3 and Wholesale channels. The primary DTC3 channel continued to outperform the secondary, thanks to both purchases of tourists, in particular Americans, than local consumers.
The area of the North America recorded, in the first quarter of 2025, an increase in net sales of 3,7% (+1,5% at constant exchange rates), compared to the same period of 2024, thanks to the positive performance of the primary DTC3 channel and the Wholesale channel. The area of Central and South America recorded net sales down 0,8% (+12,2% at constant exchange rates), compared to the same period of 2024, with the DTC3 channel increasing by double digits (at constant exchange rates1) and with a positive trend also for the Wholesale channel.
The area Pacific Asia recorded peak sales down 13,0% (-13,7% at constant exchange rates), compared to the first quarter of 2024, due to a particularly weak consumption environment that significantly impacted traffic, the note says. Japanese market in the first quarter of 2025 reported a net sales increase of 4,1% (+3,6% at constant exchange rates) compared to the first quarter of 2024, mainly thanks to tourist purchases.
Waiting for a new Ad after Gobbetti's exit
The company still does not have a CEO, after Marco Gobbetti left in March he left the chair. The company's board of directors, under the chairmanship of Leonardo Ferragamo, had announced the signing of an agreement for the consensual termination of employment and administration relationships with effect from March 6. The company is still looking for a new CEO and Michael Norsa In the meantime, he takes on the role of chairman special advisor for the transition.
