Ferragamo operating profit slides as shrinking sales, investments weigh

MILAN (Reuters) - Operating profit at Salvatore Ferragamo almost halved last year from 2022, weighed down by shrinking sales and investments the Italian luxury goods group made as part of efforts to relaunch the brand.

Earnings before interest and tax (EBIT) came in at 72 million euros ($79 million), the group said on Wednesday, down from 128 million euros a year earlier but above analysts' expectations.

Analysts expected operating profit to drop to 63 million euros in 2023, according to a median LSEG consensus forecast.

The company reported in January an 8.1% drop in sales, prompting CEO Marco Gobbetti to warn that hitting turnaround goals could take longer than anticipated. ($1 = 0.9169 euros)

(Reporting by Elisa Anzolin; Editing by Keith Weir)