(Previous article reported inaccurate rounding and a typo in the amount of preliminary revenues reported)

(Alliance News) - Salvatore Ferragamo Spa reported Thursday that preliminary revenues for 2023 stand at EUR1.16 billion from EUR1.25 billion in the previous year and therefore down 7.6 percent.

The retail distribution channel as of Dec. 31 reports net sales down 11 percent on 2022 and wholesale sales down 12 percent on the previous year.

By geography, Asia-Pacific sees net sales down 13%, as does the Japanese market, while EMEA reports a 3.3% increase in sales. In North America, net sales are down 19%, while Central and South America are down 7.1%.

Marco Gobbetti, chief executive officer and general manager of Salvatore Ferragamo, commented, "2023 was a very busy year in which we made significant progress in the transition to the new course. We have progressively increased the share of new products in stores, strengthening communication in terms of engagement and interaction on social media and editorial presence."

"The identity, product and communication platform has been strengthened, infusing new energy into the brand, and starting to see, especially at the end of the year, encouraging signs from new product sales. We have also been working on optimizing the distribution network and on the new concept store, which will be unveiled in February, in the Women's store in Milan, on the occasion of the fashion show. This is another fundamental step in our journey."

On Thursday, Salvatore Ferragamo closed 0.4 percent in the red at EUR10.91 per share.

By Claudia Cavaliere, Alliance News reporter

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