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Italy's Ferragamo 9-month core profits fall by a quarter
November 14, 2017 / 5:25 PM / a month ago

Italy's Ferragamo 9-month core profits fall by a quarter

MILAN, Nov 14 (Reuters) - Italian luxury goods maker Salvatore Ferragamo confirmed on Tuesday this year is a “period of transition” after posting a 25 percent fall in core profits in the first nine months, hit by a planned clearance of inventory.

The group, known for its high-end shoes and leather accessories, said earnings before interest, taxes, depreciation and amortisation (EBITDA) between January and September came in at 162 million euros ($191 million), roughly in line with a Thomson Reuters estimate of 164 million euro.

Revenues came in at 1.005 billion euros, also in line with expectations.

Same store sales in the period were down 1 percent. ($1 = 0.8497 euros) (Reporting by Giulia Segreti; editing by Agnieszka Flak)

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