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Salvatore Ferragamo posts profits rise

Italian luxury brand Salvatore Ferragamo saw net profit rise 10.2% in its first quarter with footwear, handbags and leather accessories helping drive the growth.

Profits for the three months to March 31 rose to €17m (£13.6m) from €15.5m (£12.4m) in the same period last year. Revenues rose 23.4% to €259.6m (£207.5m) compared with €210.4m (£168.2m) last year.

Footwear sales, boosting growth, soared 26.3% and sales of handbags and leather accessories rose 24.3%.

Sales in Europe rose 27.8%, which the company said confirms, “the extraordinary brand awareness of Ferragamo and its ability to attract the interest of the global tourist flows”.

Asia-Pacific sales rose 27.3% to €96.4m (£77.0m) with its retail chain in China reporting an increase of more than 36%. Sales in the US grew 17.6%.

Salvatore Ferragamo, which has 325 directly operated stores saw retail sales rise 16.9% to €160.2m (£128.0m).

The wholesale and travel retail channel grew 36.8% to €95.5m (£76.3m).

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