Salvatore Ferragamo: 2012 preliminary sales in line and signs of improvement in Asia-Pacific

NEUTRAL, Fair Value EUR18.6 (-1%)

News published on February Friday 1, 2013
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Yesterday the Italian group reported FY12 sales reaching EUR1,153bn (consensus: EUR1,146m and BG: EUR1,154m), up 17% at current exchange rates. Sales growth at constant FX grew 13% on FY, implying +11% in Q4 after +7.6% in Q3 and +14.5% in 9m. The rebound is mainly coming from Asia-Pacific, 36% of sales, where revenues increased 10%e LFL in Q4 after a stable performance in Q3.

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