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Salvatore Ferragamo profit misses consensus by 20.2% in Q1

Salvatore Ferragamo SpA said its first-quarter normalized net income amounted to 16 euro cents per share, compared with the S&P Capital IQ consensus estimate of 20 cents per share.

EPS climbed 14.2% year over year from 14 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €27.0 million, a gain of 13.8% from €23.8 million in the prior-year period.

The normalized profit margin rose to 8.3% from 8.0% in the year-earlier period.

Total revenue grew 9.5% year over year to €327.3 million from €298.8 million, and total operating expenses rose 9.1% on an annual basis to €280.4 million from €257.1 million.

Reported net income increased 19.7% from the prior-year period to €31.2 million, or 19 cents per share, from €26.0 million, or 15 cents per share.