Salvatore Ferragamo : A partly self-inflicted poor performance but one that raises questions at this stage of the cycle
>Q2 2018 sales -7.2%cc, 4% below the consensus, EBITDA 1% above the consensus - Salvatore Ferragamo’s Q2 2018 sales (€ 370m, -7.2%cc) came out 4% below the consensus. Organic growth reached -7.2%cc (vs Oddo -1.9%cc). Q2 2018 EBITDA beat the consensus by 1% at € 84m (22.8% margin, -270bp).Q2 2018 sales by region:Europe (€ 94m, -12.2%cc, 8% lower than we expected)North America (€ 87m, -4.2%cc, 1% lower than we expected)Japan (€ 29m, -1.4%cc, 15% high...Salvatore Ferragamo creates, produces and sales goods for men and women: footwear, leather goods, apparel, silk goods, jewels, other accessories and fragrances. as well as eyewear and watches manufactured under license by third parties. Co. sells its products through: a network of single Salvatore Ferragamo brand stores, managed both directly and by third parties; and presence in department stores and multibrand specialty stores. Co.'s fragrances product category involves the creation, development and production of fragrances and related products under the Salvatore Ferragamo brand. Co. is also active in the licensing of the Salvatore Ferragamo brand and in real estate management.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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