Salvatore Ferragamo (SFER) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 total revenues reached €209 million, down 5.5% at current FX and 1.2% at constant FX year-over-year, reflecting ongoing strategic repositioning and market challenges.

• DTC channel showed resilience, up 5.5% at constant FX, with double-digit growth in North and Latin America and positive trends in Europe and Asia Pacific.

• Wholesale channel declined 19.0% at constant FX, impacted by a focus on controlled distribution, strategic repositioning, and a challenging comparison base.

• Online business maintained double-digit growth, driven by higher website traffic and order value.

Financial highlights

• DTC net sales were €161 million (+5.5% at constant FX, -1.9% at current FX), accounting for 74% of total revenues; wholesale contributed €42 million (-19.0% at constant FX, -21.8% at current FX), or 20%.

• Net sales by region: North America up 18.8% at constant FX, Central and South America up 7.0%, EMEA down 17.0%, Asia Pacific down 5.4%, Japan down 4.4%.

• By product: Shoes up 2.7% at constant FX, Leather Goods and Handbags down 5.8%, RTW up 3.0%, Silk & Other Accessories up 6.4%.

• Net sales by product: Footwear €89 million (-3.4% at constant FX), Leather goods €85 million (-11.5%), Apparel €12.7 million (-3.1%), Silk & Other €16 million (-1.1%).

Outlook and guidance

• Strategic focus on value building, elevating route to market, and operational efficiency, with continued investment in brand identity, product innovation, and high-potential markets and channels.

• Prioritization of top-line and distribution quality, with attention to financial sustainability amid global instability.