March 8, 2018 / 5:14 PM / a year ago

Italy's Ferragamo says negative trends continuing in early 2018

MILAN, March 8 (Reuters) - Italy’s Salvatore Ferragamo said on Thursday that the negative trends observed in the last few months of 2017 driven by the foreign exchange and distribution mix were continuing this year.

The Italian luxury goods maker last year is struggling with an ambitious new strategy to overhaul its product offering to appeal to a younger clientele and reverse falling sales and profitability.

It issued a profit warning in December, signalling the strategy would take longer than expected to bear fruit, also because of a planned inventory clean-up.

After CEO Eraldo Poletto stepped down last week, Ferragamo said it gave its Chairman Ferruccio Ferragamo managing powers on an interim basis.

Last year’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 23.3 percent to 249 million euros ($306 million), broadly in line with a Thomson Reuters average analyst estimate of 244 million euros. ($1 = 0.8124 euros) (Reporting by Giulio Piovaccari, editing by Valentina Za)

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