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Salvatore Ferragamo (BIT:SFER) 1H16 Results: Revenue Miss and CEO Replacement

Executive Summary

  • Salvatore Ferragamo posted 1H16 revenues of €710 million, a decrease of 1.7% year over year and below the consensus estimate of €712 million. On a constant-currency basis, revenues decreased by 3.1%.
  • 2Q16 revenues declined by 1.5% year over year and by 4.0% at constant exchange rates, to €389 million.
  • 1H16 operating profit remained flat year over year, at €136 million, versus the consensus estimate of €137 million. The company did not report earnings per share.
  • The company reported that CEO Michele Norsa will resign and will be replaced by EraldoPoletto, former CEO of Furla, effective August 3, 2016.

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