ITALY: Ferragamo FY profit surges on share buy-back
- FY net profit up 43% to EUR150m
- Revenues up 9% to EUR1.258bn
- All areas except Japan up in double digits
Fashion business Salvatore Ferragamo posted a near-50% increase in its annual net profit, boosted by higher international sales and a share buy-back.
The Italian company said all regions except Japan had registered double-digit turnover increases in 2013: Asia Pacific was up 10%, boosted by 20% retail growth in China alone.
Europe revenues rose 13%, North America was up 12%, Central and South America surged up 15%, and Japan edged up by 1%.
Ferragamo’s profit increase was boosted by a significant reduction in its minority interest, thanks to a buy-back of stakes in its distribution companies in Greater China.
The company said: “The business trend recorded in the first months of the current year justifies expectations for growth also throughout 2014, in the absence of severely unfavourable market conditions.”
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