Salvatore Ferragamo, an Italy-based luxury goods company, has reported 33.5 per cent revenue decline to €915.8 million in its full fiscal 2020 that ended on December 31, 2020 compared to revenue of €1.37 billion in the previous fiscal. During 2020, company incurred a net loss of €71.7 million compared to net profit of €87.3 million in FY19.
Gross profit dropped to €565.4 million (FY19: €893.5 million). The operating loss for the year amounted to €61.5 million (operating profit: €149.7 million).
Retail revenue during FY20 came down 29.2 per cent to €637.0 million (€899.5 million). While wholesale revenue plunged 41.7 per cent to €269.1 million (€461.4 million).
Sales of footwear category dropped 34.9 per cent to €374.7 million (€575.6 million). Leather goods sales slipped 28.1 per cent to €388.6 million (€540.8 million). Company’s apparel sales dipped 32.3 per cent to €50.2 million (€74.2 million).
Geographically, sales decreased in all the regions: Europe €199.7 million (€347.2 million), North America €192.6 million (€317.8 million), Japan €89.4 million (€118.4 million), Asia Pacific €380.9 million (€511.3 million) and Central and South America €53.0 million (€82.4 million).
Fibre2Fashion News Desk (JL)
Salvatore Ferragamo, an Italy-based luxury goods company, has reported 33.5 per cent revenue decline to €915.8 million in its full fiscal 2020 that ended on December 31, 2020 compared to revenue of €1.37 billion in the previous fiscal. During 2020, company incurred a net loss of €71.7 million compared to net profit of €87.3 million in FY19.