Ferragamo profits slump on lower footwear sales

Associated Press |

MILAN (AP) — The Salvatore Ferragamo fashion house says earnings in the first nine months of the year were down 18 percent as sales of the trademark footwear slumped.

The leather goods and apparel maker on Thursday reported net profit of 65 million euros ($74 million) in the period, compared with 79 million euros in the first nine months of 2017.

Revenue was down 3.3 percent to 972 million euros, from 1 billion euros in the same period last year, with decreases in every region. Asia Pacific remained the brand's biggest market, even with a 2 percent drop in sales. Sales were down 5.5 percent in Europe and 4 percent in North America.

Footwear sales dropped by 4.3 percent, while handbags and accessories increased by 3.4 percent. Fragrance sales also increased.

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