{"id":18051,"date":"2023-04-20T16:42:01","date_gmt":"2023-04-20T16:42:01","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/ferragamo-sales-decline-slightly\/"},"modified":"2023-04-20T16:42:31","modified_gmt":"2023-04-20T16:42:31","slug":"ferragamo-sales-decline-slightly","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/ferragamo-sales-decline-slightly\/","title":{"rendered":"Ferragamo sales decline slightly in Q1 as U.S. weighs"},"content":{"rendered":"<p>MILAN (Reuters) -Sales at Italian luxury group Salvatore Ferragamo declined by 6.5% at constant exchange rates in the first quarter hit by a slowdown in the U.S. market, the company said on Thursday.<\/p>\n<p>Revenues totalled 278 million euros ($305 million), broadly in line with analyst expectations of 280 million euros, according to a Refinitiv consensus.<\/p>\n<p>At the end of February, the first products designed by the new creative director, Maximilian Davis, arrived in the group&#8217;s stores. <\/p>\n<p>However, they have &#8220;not yet contributed meaningfully to the sales performance&#8221;, Chief Executive Marco Gobbetti said in a statement.<\/p>\n<p>Sales in North America fell by 23.4% in the quarter mainly due to the rationalisation of the distribution network, while they posted an improving trend in China.   <\/p>\n<p>The COVID pandemic crisis has hit family-owned Ferragamo just as the company was striving to rejuvenate its historic brand, famous for the shoes worn by Hollywood stars such as Audrey Hepburn.<\/p>\n<p>Gobbetti, who joined in early 2022 from Burberry, has promised a quick turnaround, vowing to increase investments, revamp stores and attract younger customers to double 2021 revenues to almost 2.3 billion euros by 2026. <\/p>\n<p>&#8220;We remain confident in our plans and confirm our mid-term ambition&#8221;, he said in the post-results conference call with analysts.<\/p>\n<p>Analysts outline that quarterly sales are still highly exposed to the old collection and the wholesale channel the group aims to streamline.<\/p>\n<p>&#8220;The results are not meaningful for assessing the potential of the new product offering,&#8221; Intesa Sanpaolo analysts said in the bank&#8217;s daily report. <\/p>\n<p>Davis was appointed creative director in March last year as part of the new CEO&#8217;s plans to revamp the brand. <\/p>\n<p>($1 = 0.9115 euros)<\/p>\n<p> (Claudia Cristoferi, editing Federico Maccioni)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/ferragamo-sales-decline-slightly\/file-photo-file-photo-zurich-amid-covid-19-outbreak\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3J0S2-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3J0S2-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MILAN (Reuters) -Sales at Italian luxury group Salvatore Ferragamo declined by 6.5% at constant exchange rates in the first quarter hit by a slowdown in the U.S. market, the company said on Thursday. Revenues totalled 278 million euros ($305 million), broadly in line with analyst expectations of 280 million euros, according to a Refinitiv consensus. 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