Ferragamo operating income drops 41% in Q2
Italian shoe and leathergoods brand Salvatore Ferragamo has reported a significant decline in operating income for the second quarter of the year, according to Reuters, which fell by 41% to €28 million.
This downturn contributed to a six-month total revenue of €523 million, marking a 12.8% decrease year-on-year. Second-quarter revenues specifically dropped by 6% to €296 million, an 8% decline at current exchange rates.
CEO Marco Gobbetti acknowledged the challenges faced, highlighting that the overall financial performance was heavily impacted by a difficult consumer environment in the Asia-Pacific region. Despite this, Mr Gobbetti pointed to "encouraging operating indicators" in the second quarter, particularly noting robust full-price retail sales in the United States, Europe, Japan, and Latin America.
These positive trends, however, were insufficient to offset the adverse conditions in Asia-Pacific, which weighed heavily on the company's aggregate financial results.
