Ferruccio Ferragamo Sees ‘Work to Do’ in 2018Salvatore Ferragamo's executive chairman said the company is "very focused on creating and consolidating the organization,” emphasizing cost-containment and product.

[Collection]MILAN — “The group has to work, we still have a lot to do,” acknowledged executive chairman Ferruccio Ferragamo, reporting on the performance of Salvatore Ferragamo SpA in the first quarter of the year. “We are very focused on creating and consolidating the organization,” he said, emphasizing cost-containment, product and “a clear watch on unproductive expenses.” Ferragamo was speaking to analysts and the press during a conference call at the end of trading on Monday, after the Florence-based firm reported that net profit was dented by a higher tax rate and that margins and sales were affected by currency fluctuations and “an unfavorable channel mix.” In the three months ended March 31, net profit, including minority interest, decreased 18.8 percent to 9 million euros, compared with 11 million euros in the same period in 2017, attributed to a tax rate increase due to the lower deferred tax assets charge in the U.S. Revenues decreased 1.7 percent to 304 million euros, compared with 309 million euros in 2017. At constant exchange, they gained 1.7 percent. Analysts took the opportunity to ask Ferragamo to elaborate on the board’s choice last month to appoint Gucci veteran Micaela Le Divelec as new chief corporate officer — although in

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