Salvatore Ferragamo : Q3 2018 results better than expected. A long way to go but improving.
>Q3 2018 sales up 2.7% at cc (vs Oddo BHF estimate 1.9% at cc), 1% ahead of our forecasts, EBITDA 16% above (€ 32m vs € 28m est.) - Salvatore Ferragamo reported Q3 2018 sales (€ 298m) 1% above our forecasts. Organic growth came to 2.7% at constant currencies (vs Oddo BHF estimate 1.9% at cc). Q3 2018 EBITDA came in 16% ahead of our forecasts at € 32m (10.9% margin, +200bp).Q3 2018 sales by region:Europe (€ 77m, -2.6% at cc, 3% below our forecasts)North ...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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