Pandemic Hurt Salvatore Ferragamo in First Half
The COVID-19 pandemic and the impact of the lockdown around the world hurt Salvatore Ferragamo SpA’s bottom line in the first half.
In the first six months of the year, the Florence-based company reported a net loss of 86 million euros, including a minority interest, compared with a profit of 60 million euros in the same period last year.
In the period ended June 30, revenues fell 46.6 percent to 377 million euros, compared with 705 million euros at the end of June last year.
Sales in the retail channel were down 41 percent while the wholesale channel reported a 56.4 percent decrease mainly penalized by the performance of the travel retail channel and of the fragrance division.
As of June 30, the group counted a total of 643 points of sales, including 389 directly operated stores.
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