The Italian fashion company Salvatore Ferragamo SpA achieved an increase in sales and profits in the first half of the current financial year.
According to the company’s financial report, earnings before interest and taxes increased by 44.7 percent to 95 million euros. Earnings before depreciation amounted to 180 million euros, thanks to an increase of 24.4 percent over the previous year.
The net profit even rose by 85.2 percent to 62 million euros. Sales also grew in the first half of the current financial year by 20.3 percent to 630 million euros.
The financial report shows that in the first half of the financial year, the Italian brand recorded an increase in sales in almost all markets. Only in the Asia-Pacific region was a decline of 1.5 percent recorded.
This decline is due to the impact of the coronavirus outbreak in the region, particularly in China. In addition to Salvatore Ferragamo, several luxury brands have recently indicated that sales in the region are suffering due to the coronavirus outbreak.
In Japan, the increase was 28 percent. The Europe, Middle East and Africa region recorded an increase of 48.5 percent compared to the previous year. Sales increased 41.6 percent in North America and 44.2 percent in Central and South America.
This translated post previously appeared on FashionUnited.nl.