Press release
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november 10, 2020 - salvatore.ferragamo.parfums
The Board of Directors approves the Consolidated Interim Report as of 30 September 2020
Salvatore Ferragamo Group Nine Months Revenue -38.5%, Operating Profit (EBIT) -70 million Euros, Net Profit -96 million Euros and Positive Net Financial Position adjusted5 of 75 million Euros
Third quarter 2020 recovering: Revenues -18.9% Operating Profit (EBIT) positive for 4 million Euros and Net cash generation for 17 million Euros
Retail Revenues performance in Greater China, in particular China and Taiwan, in the month of October further accelerating vs. 3Q 2020, and solid growth continuing in the Digital channel
- Revenues: 611 million Euros (-38.5% vs. 994 million Euros at 30 September 2019, -38.6% at constant exchange rates2)
- Gross Operating Profit (EBITDA1): 78 million Euros (-67.9% vs. 243 million Euros at 30 September 2019)
- Operating Profit (EBIT): -70 million Euros (vs. +105 million Euros at 30 September 2019)
- Net Profit: -96 million Euros (vs. +61 million Euros at 30 September 2019)
- Net Financial Position adjusted5 (net of IFRS16 effect): positive for 75 million Euros
- (vs. 150 million Euros positive at 30 September 2019)
During the same meeting the Board of Directors resolved:
- to approve the merger by incorporation in #salvatoreferragamo S.p.A. of the 100% owned Ferragamo Parfums S.p.A
- to terminate, with effect starting from December 15, 2020, the Executive Committee established on April 6, 2020 to temporarily deal with the emergency caused by the Covid-19 pandemic
Florence, 10 November 2020 – The Board of Directors of #salvatoreferragamo S.p.A. (MTA: SFER), parent company of the #salvatoreferragamo Group, one of the global leaders in the luxury sector, in a meeting chaired by Ferruccio Ferragamo, examined and approved the Consolidated Interim Report as of 30 September 2020, prepared according to IAS/IFRS international accounting principles (”non-audited”).
To note the introduction of the IFRS 16 accounting principle as of January 1, 2019, relating to the accounting treatment of leasing contracts, according to which all performance indicators have been computed.
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