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Italian luxury group Ferragamo's revenues down 7.2% in third quarter
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Italian luxury group Ferragamo's revenues down 7.2% in third quarter
Oct 17, 2024 12:52 PM

MILAN (Reuters) - Revenues at Italian luxury group Salvatore Ferragamo fell by 7.2% at constant exchange rates in the third quarter of the year, hit by weak demand in Asia, the company said on Tuesday.

Revenues totalled 221 million euros ($241 million) in the period, below analyst expectations of 229 million euros, according to a consensus cited by analysts.

"The current context adds pressure on our top-line and profitability, therefore delaying the timing of the delivery of our financial objectives" Chief Executive Marco Gobbetti said in a statement.

The group foresees that the operating result for the full year will be at the lowest end of analysts' current estimates, it said in the statement.

($1 = 0.9176 euros)

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