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Ferragamo sales grow in early 2021 after FY operating loss

Stock Markets (Mar 09, 2021 12:20PM ET) Ferragamo sales grow in early 2021 after FY operating loss

© 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

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