The Board of Directors of Salvatore Ferragamo S.p.A.,parent company of the Salvatore Ferragamo Group,one of the global leaders in the luxury sector,meeting under the chairmanship of Ferruccio Ferragamo,examined and approved the Consolidated Interim Report as of 30 September 2012,drafted according to IAS/IFRS international accounting principles.
As of 30 September 2012,the Salvatore Ferragamo Group has posted Total Revenues of 832.6 million Euros(including-15.7 million Euros of"hedging impact"2 vs.+7.5 million Euros in 9M 2011),a 18.7%increase at reported exchange rates(+22.3%excluding the"hedging impact"2),over the 701.3 million Euros recorded in the first nine months of 2011,showing significant growth in all geographical areas,product categories and distribution channels.Revenue growth at constant exchange rate has been 14.5%.
The 2-year cumulated growth rate on 2010 is 51.4%in the first nine months of 2012.In 3Q 2012 Total Revenue reached 267.5 million Euros(including–8.1 million Euros of"hedging impact"2 vs.+6.5 million Euros in 3Q 2011).The reported growth,despite a slowdown vs.the previous quarters,has been 10.7%(+17.2%excluding the"hedging impact"2)and 8.0%at constant exchange rate vs.3Q 2011.
The Asia Pacific area is confirmed as the Group's top market in terms of Revenues,with a turnover of 297.0 million Euros(representing 35.6%of total),up by 19.5%on the revenues of the first nine months of 2011(+6.1%in 3Q 2012).This performance was achieved also through the substantial contribution of the retail channel which recorded a growth of about 20%in the area,compared to the same period in 2011,and over 30%growth in Mainland China.
Europe confirmed the extraordinary brand awareness of Ferragamo and its ability to attract the interest of the global tourist flows,also thanks to the Group's renovation activity of the major stores in strategic locations worldwide,recording a revenue growth of 22.6%in the nine months of 2012.In 3Q 2012 growth was 15.7%over 3Q 2011,confirming the positive trend already registered in the first six months.
A significant contribution to growth also came from North America,where revenue recorded a growth of 16.8%in the nine months of 2012,and+12.6%at constant exchange rates in 3Q 2012.2 The"hedging impact"is the Revenue adjustment,in the Profit&Loss,for the amounts of the derivatives contracts related to the sales in currencies other than the Euro.
The Japanese market registered a surge of 9.2%(-0.9%at constant exchange rates)in 9M 2012,thanks to the favourable trend recorded in 3Q 2012(+2.0%at constant exchange rates)and the positive impact of the exchange rates.
Revenues in Central and South America also continued the excellent growth trend,registering an increase of 29,4%on the nine months of 2011(+20.9%in 3Q 2012).
The Gross Profit,amounting to 531.0 million Euros,recorded a 18.3%growth and accounts for 63.8%of revenues,broadly stable over the 64.0%registered in 9M 2011(showing a decrease in 3Q 2012 from 64.9%to 64.1%),mainly due to the negative"hedging impact"5 and the unfavourable channel mix.
