May 7, 2018 / 4:05 PM / a year ago

Ferragamo sees currencies, channel mix denting 2018 results

MILAN, May 7 (Reuters) - Italian luxury group Salvatore Ferragamo said on Monday it expected 2018 results to be undermined by currency swings and an unfavourable mix of its sales channels, after posting first quarter results in line with expectations.

The Florence-based company, which is battling against falling sales and profitability, issued a profit warning in December.

In a statement it said current currency trends and ongoing unfavourable channel mix would have a negative impact on sales, margins and results this year.

Although like-for-like sales in the first three months of the year were up 0.3 percent, sales in its retail channel were down 3.6 percent at current exchange rates in the same period.

Wholesale rose 2.6 percent.

The group said it would “continue to invest in a focused program aimed at relaunching the Brand and optimising the processes.”

Reporting by Giulia Segreti

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