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    BRBY   GB0031743007

BURBERRY GROUP PLC

(BRBY)
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Delayed Quote. Delayed London Stock Exchange - 09/28 11:35:18 am
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Ferragamo's sales jump in 2nd quarter, lag pre-COVID levels

07/20/2021 | 01:38pm EDT
FILE PHOTO: A woman walks past a Salvatore Ferragamo shop in Singapore

MILAN (Reuters) -Italian luxury goods group Salvatore Ferragamo almost doubled sales in the second quarter after last year's pandemic-led slump, with China, the Americas and South Korea driving the rebound.

However, revenues were still far from pre-COVID levels and the Florentine brand is counting on the arrival of Burberry Chief Executive Marco Gobbetti at the helm later this year to step up turnaround efforts that have so far struggled to yield results.

Ferragamo, which has been hit harder than most rivals by the fallout of the coronavirus crisis due to its exposure to travel spending, said on Tuesday first-half sales grew by 46.2% at constant exchange rates to 524 million euros ($617 million).

That is roughly a fifth below the level of January-June 2019, despite a 90.5% yearly jump in the second quarter alone.

The trend is improving, however, as the month of July "is continuing to show a solid growth in revenues in directly operated stores in the United States, China, Korea and Latin America both versus 2020 and versus the same period of 2019", the company said. It gave no guidance for the whole of 2021.

Most luxury groups have already reached, if not exceeded, pre-COVID levels. But the pandemic hit Ferragamo just as the family-owned firm strived to rejuvenate a brand famous for the shoes worn by Hollywood stars such as Audrey Hepburn.

The task will now fall to Gobbetti, who is credited with relaunching Burberry by injecting fresh life into the British label.

Sales figures for the first half, which do not include the perfume business, are broadly in line with analyst expectations gathered by Reuters.

Ferragamo, which did not provide a breakdown of revenues for the second quarter, said online sales had performed well in he period, rising 66%.

($1 = 0.8499 euros)

(Reporting by Claudia Cristoferi; editing by Valentina Za and Steve Orlofsky)


ę Reuters 2021
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Financials
Sales 2022 2 754 M 3 729 M 3 729 M
Net income 2022 344 M 466 M 466 M
Net cash 2022 1 015 M 1 375 M 1 375 M
P/E ratio 2022 21,4x
Yield 2022 2,62%
Capitalization 7 398 M 10 021 M 10 018 M
EV / Sales 2022 2,32x
EV / Sales 2023 2,13x
Nbr of Employees 9 373
Free-Float 99,5%
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Mean consensus HOLD
Number of Analysts 23
Last Close Price 1 830,50 GBX
Average target price 2 223,27 GBX
Spread / Average Target 21,5%
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Managers and Directors
Marco Gobbetti Chief Executive Officer & Director
Julie Brown Director, Chief Operating & Financial Officer
Gerard Martin Murphy Chairman
Mark McClennon Chief Information Officer
Matthew David Key Independent Non-Executive Director
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