Ferragamo third-quarter revenue falls as wholesale drops

Salvatore Ferragamo

Tue 16:57

Oct 20 (Reuters) - Revenues at Italian luxury group Ferragamo SFER.MI fell 3.5% at constant exchange rates in the third quarter as wholesale sales dropped 19.1% from a year earlier, ​the company said on Tuesday.
"The market backdrop remained particularly challenging during the third quarter, impacted by ongoing geopolitical tensions and a generally subdued consumer environment over the summer," Ferragamo said a statement.
Revenues totaled €207 million ($232.61 million), slightly below an ​Equita-cited consensus of €209.6 million
Net sales were down 5.2% in the EMEA region and 11.1% in the Asia Pacific, while in North America the figure was up 2.4% at constant exchange rates.
Wholesale sales dropped 19.1% in the third quarter, while direct-to-consumer (DTC) channel remained flat.
The drop ​in wholesale sales reflects the company's decision ​to focus on DTC ​and key accounts, the company said, confirming an established trend.
DTC channel accounted for 79.5% of ​total sales as of September 30. 
     
($1 = 0.8899 euros)

 (Reporting by Mirko Miorelli; Editing by Shailesh Kuber)
 ((Mirko.Miorelli@thomsonreuters.com;))