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Ferragamo confirms its medium-term goals, despite Q1 Net Loss

Ferragamo confirms its medium-term goals, despite Q1 Net Loss

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The Italian luxury goods house Salvatore Ferragamo confirmed yesterday Tuesday its medium-term objectives, despite a difficult year in 2020 and a net loss of 41 million euros in the first quarter due to the impact of the coronavirus epidemic.

 

In the first quarter of 2020, the Italian brand recorded a net loss of 41 million euros, compared with a net profit of 11 million a year earlier. This result is worse than expected, with analysts expecting a loss of 18 million euros, according to economic information provider Facset Estimates. Revenues fell by 30.1% to 222 million euros, in line with expectations.

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Featured photo : © Salvatore Ferragamo

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