Ferragamo Retail Sales Close to Pre-COVID Levels in July, August

Italy’s Salvatore Ferragamo said on Tuesday its retail sales in July and August were close to pre-coronavirus levels, after returning to operating profit in the first half of 2021 from a pandemic-driven loss last year.

“The months of July and August are continuing to show a solid growth in revenues in directly-operated stores in the United States, China, South Korea and Latin America versus the same period of 2019,” the company said in a statement.

It did not provide a full-year estimate.

Ferragamo, which has been hit harder than most rivals by the fallout of the coronavirus crisis due to its high exposure to travel spending, is counting on the arrival of former Burberry Chief Executive Marco Gobbetti at its helm later this year to step up turnaround efforts that have struggled to yield results.

The resignation of CEO Micaela le Divelec Lemmi is effective as of Tuesday and all powers of ordinary administration will go to Executive Vice Chairman Michele Norsa ahead of the arrival of Gobbetti.

In the first half, operating profit rose to 66 million euros ($78.19 million) from a loss of 72 million euros in the year-ago period.

Sales grew 46.2 percent at constant exchange rates in the first six months to 524 million euros, the company said in July.

By Claudia Cristoferi; Editing by Richard Chang

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