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Salvatore Ferragamo profit misses consensus by 42.0% in Q3

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Salvatore Ferragamo profit misses consensus by 42.0% in Q3

Salvatore Ferragamo SpA said its normalized net income for the third quarter was 13 euro cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS fell 23.1% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €22.1 million, a decrease of 23.1% from €28.7 million in the prior-year period.

The normalized profit margin declined to 7.4% from 9.6% in the year-earlier period.

Total revenue came to €298.7 million, compared with €297.6 million in the prior-year period, and total operating expenses increased from the prior-year period to €260.6 million from €249.3 million.

Reported net income fell 23.1% on an annual basis to €24.2 million, or 14 cents per share, from €31.4 million, or 19 cents per share.