Salvatore Ferragamo Q1 Profits Up 23.5%, Sees Signs of Turnaround
MILAN — “The product is key,” said Salvatore Ferragamo chief executive officer Micaela Le Divelec Lemmi, and this was a cornerstone that helped the Florence-based company raise profits and revenues in the first quarter. “The brand is hot again, we have the right product which is boosting traffic,” concurred chief financial officer Alessandro Corsi. “In the past, the product was wrong and it did not match the customer’s taste and desire. We learned from our mistakes and hopefully we are back.” During a conference call with analysts on Tuesday, Le Divelec Lemmi and Corsi commented on the company’s 23.5 percent spike in net profits, including a minority interest, in the three months ended March 31. Earnings reached 11 million euros, compared with 9 million euros in the same period last year. Revenues rose 4.3 percent to 317 million euros, compared with 304 million euros in the first quarter last year. As of March 31, the group had 662 points of sales, compared with 672 at the end of December, and including 398 wholly owned stores and 264 third-party operated units. The company closed three stores, including two in the U.S. and one in Taiwan. In the first quarter, the retail channel recorded a 3.9 percent
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