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.