Salvatore Ferragamo profit lifted by currencies
Italian luxury group Salvatore Ferragamo yesterday reported a 16 per cent rise in its first-quarter core profit as currency effects boosted sales in Asia and North America. Earnings before interest, tax, depreciation and amortisation totalled €61m (£44m) in the first quarter, marginally ahead of analysts’ consensus of €58m.
Sales rose 10 per cent to €327m. The rise was two per cent at constant exchange rates. But Ferragamo said a different timing of deliveries hurt perfume sales, which fell 11 per cent in January-March.