March 10, 2020 / 6:17 PM / 19 days ago

BRIEF-Ferragamo sees Q1 revenue falling by up to one third due to coronavirus

March 10 (Reuters) - SALVATORE FERRAGAMO, CEO Micaela Le Divelec and CFO Alessandro Corsi told analysts in post-results conference-call

* LESS THAN 15 STORES STILL CLOSED IN CHINA

* HAS BEEN CANCELLING SOME ORDERS FROM SUPPLIERS AS HAVE OTHER LUXURY BRANDS

* KEEPING AN OPEN DIALOGUE WITH SUPPLIERS

* WORKING TO ENSURE CONTINUITY OF BUSINESS OPERATIONS WITHIN FRAMEWORK OF RESTRICTIONS IN ITALY, NO EVIDENCE OF ANY ISSUES SO FAR

* SEES REVENUE DECLINE IN Q1 OF BETWEEN ONE-FOURTH AND ONE-THIRD COMPARED TO LAST YEAR IF THINGS DON’T CHANGE

* STARTING TO SEE SOME RECOVERY IN STORE TRAFFIC IN CHINA

* WILL HAVE TO ADOPT A SPECIFIC DISCOUNTING STRATEGY WITHOUT JEOPARDISING EXCLUSIVITY OF THE BRAND

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