MILAN — Shares of luxury goods-maker Salvatore Ferragamo shares fell 5.3 percent to 9.71 euros in Milan on Tuesday as investors reacted to word that the brand’s sales were strained last month in America.
The company’s executive board member Ernesto Greco told analysts on Monday that U.S. sales were strained by a shortened discount period and inclement weather in July.
“There is lack of visibility at this stage — July is one of the smallest months in terms of contributions to full-year sales,” said Kepler Cheuvreux analyst Charles-Louis Scotti after the call.
Overall, the Florence-based luxury company reported net profit of 1.5 million euros, compared with an adjusted net loss of 16 million euros a year earlier. Revenues in the first half fell 1.3 percent to 467.8 million euros, dragged down by the Asia and Europe markets during the six-month period ended June 30.
In a note issued on Tuesday, analyst Jelena Sokolova of Morningstar said Salvatore Ferragamo‘s performance trailed against other luxury players, which reported that the U.S. was the strongest market for luxury so far this year. “We can already see that most peers posted stronger results, averaging roughly 6 percent constant-currency growth in our estimate.
Salvatore Ferragamo’s Cara bag.
Salvatore Ferragamo
How Luxury Peers Compare in the U.S.
Second‑quarter sales at Hermès rose 6.7 percent at constant exchange to 4.1 billion euros, with U.S. sales up 13.7 percent.
In the first half, Italian peer Brunello Cucinelli reported its sales rose 9.5 percent to 749.4 million euros, driven by the Americas where revenues were up 13.6 percent at current exchange to 278.7 million euros.
Industry observers were positive, however, on the Salvatore Ferragamo’s efforts to re-platform its e-commerce structure, optimize its supply chain and improve its agility. The firm is focusing on enhancing the brand’s appeal worldwide and concentrating on its “core” bags and shoes.
After the conference call, analysts at Bernstein said: “EBIT came in significantly above consensus expectations at 20.9 million euros — with no impairments — versus 2.9 million adjusted losses before interest and taxes in the first half of 2025. This result is due to operating costs being down 17 percent year-on-year reflecting an optimization of the organization and more disciplined cost management.”
