MILAN (Reuters) – Revenues at Italian luxury group Salvatore Ferragamo fell by 7.2% at constant exchange rates in the third quarter of the year, hit by weak demand in Asia, the company said on Tuesday.
Revenues totalled 221 million euros ($241 million) in the period, below analyst expectations of 229 million euros, according to a consensus cited by analysts.
“The current context adds pressure on our top-line and profitability, therefore delaying the timing of the delivery of our financial objectives” Chief Executive Marco Gobbetti said in a statement.
The group foresees that the operating result for the full year will be at the lowest end of analysts’ current estimates, it said in the statement.
($1 = 0.9176 euros)
(Reporting by Elisa Anzolin, editing by Alvise Armellini)
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