Salvatore Ferragamo's Q1 2016 sales stood at EUR321m versus the consensus at EUR324m. Sales fell 2.4% organically after +2% in Q4 2015. EBIT grew 4.5% to EUR49m (consensus: EUR44m), implying EBIT margin at 15.2% (14.3% in Q1 15). We have notched down (by less than 2%) our 2016 EBIT estimate and adjusted our FV from EUR25.8 to EUR25. We remain at Buy on the stock.
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