Ferragamo's So-So 3Q Unlikely to Set Market Alight, Citi Says -- Market Talk

Dow Jones Newswires · Nov 10, 2021 01:12

0600 GMT - Salvatore Ferragamo's third-quarter results are unlikely to illicit much market enthusiasm, with the exit rate weak and current trading volatile, Citi's Thomas Chauvet says. The Italian maker of leather goods posted 3Q sales and operating profit above expectations, but not to the same extent as the previous quarter. Management, meanwhile, highlighted a retail exit rate likely down over two years, with an improvement in October but renewed concerns this month amid resurgent coronavirus cases in Asia, Chauvet notes. The share price is as such unlikely to get much of a fillip from the print, though a continued discount to the sector, and the imminent arrival at the top of former Burberry boss Marco Gobbetti, are reason for more optimism ahead, Chauvet says. (joshua.kirby@wsj.com)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

Ferragamo's So-So 3Q Unlikely to Set Market Alight, Citi Says -- Market Talk

Risk Disclaimer