Ferragamo Sales Seen Improving in 3Q as China, US Maintain Impetus -- Market Talk

Dow Jones Newswires · Oct 13, 2021 11:20

1517 GMT - Salvatore Ferragamo's sales should pick up pace in 3Q as European weakness is offset by momentum in other markets, Stifel says ahead of the Italian luxury-goods company's update next month. While a continued dearth of international tourism is likely to leave Europe sales still well below pre-pandemic levels, momentum should continue in the U.S. and China, while Latin American local demand is picking up, Stifel says. Overall, this should mean quarterly sales of EUR262 million, around 9% lower than 3Q 2019--a notable improvement from the 28% gap booked in 2Q, with retail driving performance as wholesale remains soft, the financial-services firm says, keeping a hold rating and EUR19 target on Ferragamo stock. (joshua.kirby@wsj.com; @joshualeokirby)

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Ferragamo Sales Seen Improving in 3Q as China, US Maintain Impetus -- Market Talk

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