Ferragamo falls after Q3 revenue miss

Salvatore Ferragamo

Yesterday 08:19

** Shares in Ferragamo SFER.MI fall close to 4% after its Q3 revenue missed expectations
** The Italian luxury group's sales decline 3.5% to €207 million ($232.25 million)
** The decline was fuelled by a 19.1% drop in the wholesale channel, J.P. Morgan says; the broker cuts FY sales estimates by 1%
** "While we still think that Ferragamo’s turnaround is progressing in the right direction, the ongoing challenging consumer environment could add volatility to the performance," JPM adds
** Jefferies also sees FY consensus as "difficult to achieve" on persisting demand headwinds in Asia
** Ferragamo's mgmt says Q4-to-date has been down y/y
** Up to the previous session's close, Ferragamo shares lost 12.5%​ YTD -- LSEG data
     
($1 = 0.8913 euros)

(Reporting by Mirko Miorelli)
((Mirko.Miorelli@thomsonreuters.com))