Ferragamo’s operating profit drops 41% in first half

Operating profit at Salvatore Ferragamo declined 41% in the first half of the year, as revenues slowed down in all the main regions, the luxury group said on Thursday.

Earnings before interest and tax (EBIT) came in at 28 million euros ($30.2 million) in the first half, beating analysts expectations of a drop to 20 million euros, according to a consensus cited by Italian broker Equita.

Revenues at the leather group fell 6% at constant exchange rates in the second quarter. “Our aggregate financial results in the second quarter were significantly impacted by the challenging consumer environment, especially in Asia Pacific, which offset the positive trends in the rest of the world”, Chief Executive Marco Gobbetti said in a statement.