FLORENCE, ITALY – The Board of Directors of Salvatore Ferragamo, 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 preliminary/non-audited Consolidated Financial Statements for the Year ended 31 December 2011, drafted according to IAS/IFRS International accounting principles, recording Total Revenues of 986.4 million Euros (up 26.2% compared to 31 December 2010) and a Net Profit for the period, including Minority Interest, of 103.3 million Euros (up 69.8% compared to 31 December 2010). There was also a strong growth in EBIT, rising from 86.4 million Euros in FY 2011 to 156.6 million Euros with an 81.2% increase.
￼￼As of 31 December 2011, the Salvatore Ferragamo Group has posted Total Revenues of 986.4 million Euros, a 26.2% increase, at current exchange rates, over the 781.6 million Euros recorded in FY 2010, showing significant growth in all geographical areas, product lines and distribution channels. Revenue growth at constant exchange rate has been 24.1%
In 4Q 2011 the Total Revenue growth at current exchange rate has been 23.0% (+19.6% at constant exchange rate) vs. 4Q 2010, growing from 231.8 million Euros to 285.1 million Euros.
The Group’s excellent Revenue growth, following the 26.1% year-on-year increase already recorded in FY 2010 has been strongly supported by the Retail channel organic growth (+16.4% like-for-like increase in FY 2011 vs. 2010) and is further confirmation of the success of Ferragamo’s strategy: focussing on top quality products and on the “Made in Italy” image, meeting the expectations and demands of its global customers.
In FY 2011, all geographical areas, with the sole exception of Japan, delivered revenue growth at current exchange rates – close to or higher than 30.0%.
The Asia Pacific area is confirmed as the Group’s top market in terms of Revenues, with a turnover of 357.7 million Euros, up 33.5% on the revenues vs. 2010; this performance was achieved also through the contribution of the retail channel, which in China recorded a growth of over 44.0% compared to the same period in 2010. In 4Q 2011 the Asia Pacific area recorded a growth of 28.2%.
Europe posted excellent growth figures, with an increase of 30.8% compared to the same period in 2010. In 4Q 2011 the growth in revenues was 35.4%. Such growth confirms the extraordinary Ferragamo brand awareness and its ability in attracting the interest of the global tourist flows.
North America, recorded growth figures, with an increase of 27.2% compared to the same period in 2010. In 4Q 2011 it recorded a growth of 19.1%, which is almost entirely on a like-for-like basis.
The Japanese market, despite the earthquake that devastated the country and problems related to nuclear contamination, showed – also due to the favourable contribution of the exchange rate – a surge in revenues of 0.8% (a -4.4% decrease at constant exchange rate). In 4Q 2011 the revenues decreased by -8.3% at constant exchange rate.
Revenues in the Central and South American area4 also showed excellent results with an increase of +34.6%, accelerating at +37.0% in 4Q 2011.