MILAN (Reuters) – Revenue at Italian luxury group Salvatore Ferragamo fell 7.2% at constant exchange rates in the third quarter of the year, hit by weak demand in Asia, the company said on Tuesday.
According to the consensus cited by analysts, revenues in this period amounted to 221 million euros ($241 million), which was below analysts’ expectations of 229 million euros.
“The current situation increases the pressure on our revenues and profitability, thus delaying the deadline for achieving our financial targets,” CEO Marco Gobbetti said in a statement.
The group expects that the operating result for the full year will be at the lowest level according to current analyst estimates, it said in a statement.
($1 = 0.9176 euros)
