Salvatore Ferragamo come to terms with the results of the 2022: With double-digit revenue growth, but declining net income and profitability. The management will propose the distribution of a dividend of 0,28 euros per share, against 0,34 euros last year. Marco Gobbetti at the helm of the Italian luxury house for a year he said he was "quite satisfied". And for 2023? The CFO of the group, Alessandro Corsi, speaking with analysts, added that "inflation weighs" but "important investments are expected in 2023". In 2022 they amounted to 56 million euros, compared to 44 million euros in the same period of the previous year, mainly following the renewal of the distribution network and investments in the digital channel.
Disappointing 2022 accounts do not support the title of the house. Outside the main basket, Salvatore Ferragamo leaves 2,28% on the ground at 18,03 euros per share.
Ferragamo: the accounts for 2022
For the Florentine group, the 2022 financial year closed with i revenues consolidated amounting to €1,25 billion, up 10,2% at current exchange rates and 5,7% at constant exchange rates on an annual basis; a Net income equal to 65 million euros compared to the 81 million euros recorded in 2021 (-19,5%) and a gross operating margin that fell from 305 million euros in 2021 to 299 million euros (-1,8% ) with a percentage incidence on revenues of 23,9%, while the Operating income it reported a drop of 10,8% to 128 million euros from the previous 143 million, however beating the expectations of analysts. As regards the distribution channels, retail recorded growth of 11,3% (+4,7% at constant exchange rates) and wholesale of 13,6% (+6,3% at constant exchange rates). The pre-tax result was positive for 101 million euros compared to 123 million in 2021. Net working capital at 31 December 2022 decreased by 4% from 199 million to 191 million euros, with inventory in line with the financial year 2021.
At the end of 2022 thenet borrowing had fallen to 204,07 million euros, compared to 224,48 million at the beginning of the year. In the full year, operating activities generated cash of 267,07 million euro.
Geographically, the area Pacific Asia reported a decrease of 4,7% (-10,6% at constant exchange rates), mainly due to the effects deriving from the recovery of the Covid-19 pandemic, particularly in China. The Japanese market reported an 11,9% increase in net sales (+18,9% at constant exchange rates). L'EMEA area grew by 24,7% (+24,6% at constant exchange rates), the North America by 22,3% (+8,8%) and the Centro e South America by 29,7% (+14,7%).
La coupon will be paid starting from 24 May 2023, with detachment date coinciding with 22 May 2023 and record date coinciding with 23 May 2023
