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Salvatore Ferragamo (SFER) investor relations material
Salvatore Ferragamo H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
H1 2025 saw a challenging consumer environment, especially in Asia Pacific, and a negative wholesale scenario, prompting a comprehensive review of brand positioning and business priorities.
Revenues for H1 2025 were €474 million, down 9.4% year-over-year, mainly due to weak wholesale and Asia Pacific demand.
Tangible changes in product, communication, and distribution are underway, with a focus on core leather goods and shoes, aiming for a more efficient collection structure and optimized pricing.
Marketing spend efficiency improved through targeted campaigns and digital content, with double-digit growth in online sales and increased new client acquisition.
Operational flexibility and cost optimization are prioritized to align with current business needs while supporting future growth.
Financial highlights
H1 2025 total net revenues at €474M, down 9% year-over-year at constant FX, mainly due to weak consumer demand and wholesale challenges.
Gross profit declined 15% to €321M, with gross margin at 67.7% versus 72.1% in H1 2024, impacted by FX and higher inventory obsolescence provisions.
EBIT negative at €44M (including €41M impairment), versus €28M positive in H1 2024; adjusted EBIT negative €3M.
Net income negative €57M (including impairment); adjusted net loss €16M.
EBITDA at €73M, down 38% year-over-year, representing 15.3% of revenues.
Segment performance
Direct-to-consumer (DTC) revenues down 6.5% at constant FX, with positive trends in Europe and Latin America offset by declines in Asia Pacific and Japan.
Wholesale revenues down 17.9% to €105M, with Q2 particularly weak (down 34.3%).
Asia Pacific net sales down 18.5%, EMEA down 7.8%, North America down 3.9%, Japan down 3.5%, while Latin America grew 11.6% at constant FX.
Shoes segment down 15.5%, leather goods and handbags down 2.2%, silk and accessories down 7.7%, ready-to-wear down 10.5%.
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