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Salvatore Ferragamo Expected to Have 3Q Revenue, Earnings Impetus -- Market Talk

Dow Jones Newswires ·  Oct 15, 2021 08:12

1200 GMT - Salvatore Ferragamo should have a top- and bottom-line performance pickup in 3Q, keeping the Italian luxury-goods firm on track to meet full-year consensus estimates, Equita Sim's Paola Carboni says ahead of November's update. Quarterly sales should come in at EUR257 million, around 5% lower than 3Q 2019 on an organic and like-for-like basis, representing a sharp acceleration from the 23% gap booked in 2Q as Europe sales offset Asian weakness. Similarly, the operating margin should be wider on a two-year stack sequentially thanks to better operating leverage, Equita predicts. While the company continues to lag peers, "we remain confident on the medium-term recovery potential that will be entrusted to the new CEO [Marco] Gobbetti from January," Carboni says. (joshua.kirby@wsj.com; @joshualeokirby)

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