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Salvatore Ferragamo (BIT: SFER) FY16 Results: Underpaces Luxury Rivals at the Top Line, Tax Benefit Boosts the Bottom Line

Executive Summary

  • Italian luxury leather goods and apparel firm Salvatore Ferragamo posted FY16 revenue growth of just 0.6%, broadly in line with consensus expectations.
  • Operating profit slid back by 1.5%, impacted by costs associated with management changes.
  • Net profit jumped 13.7%, boosted by a one-off drop in the tax rate.

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