Stock Markets (Mar 09, 2021 12:20PM ET)
© Reuters. FILE PHOTO: Italian luxury fashion house Salvatore Ferragamo’s logo is seen at a store in Zurich
(Reuters) – Italian luxury goods group Salvatore Ferragamo said on Tuesday retail sales had grown in the first nine weeks of 2021, after posting its first full-year operating loss since listing in Milan 10 years ago because of the pandemic.
Earnings before interests and taxes (EBIT) recorded a 62 million euro loss compared with a 150 million euro profit in 2019 amid plummeting revenues and impairment charges Ferragamo booked on assets such as property and machineries.
Analysts on average had expected a 64 million euros EBIT loss for 2020, according to a Refinitiv consensus forecast.
($1 = 0.8412 euros)Ferragamo sales grow in early 2021 after FY operating loss Add a Comment