Salvatore Ferragamo (SFER) Q3 2025 TU earnings summary

Executive summary

• Completed a comprehensive diagnostic assessment to align design, product, communication, and distribution channels, with new strategic actions underway and initial positive impact on DTC performance.

• Focused on strengthening core categories, especially footwear and leather goods, balancing heritage and innovation.

• Enhanced brand storytelling and digital-first communication, with successful campaigns and fashion shows driving engagement and DTC growth.

• Q3 2025 revenues reached €221M, up 1.7% at constant exchange rates, driven by DTC channel strength in North America and Latin America, offsetting Asia's weakness.

• Nine-month 2025 revenues totaled €695M, down 4.5% at constant exchange rates year-over-year, reflecting ongoing challenges in wholesale and Asian markets.

Financial highlights

• Total revenues for 9M 2025 down 4% at constant FX and 7% at current FX compared to 9M 2024; Q3 up 2% at constant FX, led by DTC channel.

• Q3 2025 DTC net sales: €169M (+4.4% at constant exchange rates vs. Q3 2024); nine-month DTC net sales: €526M (-2.0% at constant exchange rates vs. 2024).

• Q3 2025 wholesale net sales: €40M (-6.7% at constant exchange rates vs. Q3 2024); nine-month wholesale net sales: €145M (-12.2% at constant exchange rates vs. 2024).

• Online business posted strong double-digit growth in Q3, with increased order numbers and value.

• Net sales by region: North America up 4% (Q3 up 16%), Latin America up 9% (Q3 up 5%), EMEA down 5% (Q3 up 3%), Asia Pacific down 15% (Q3 down 11%), Japan down 5%.

Outlook and guidance

• Strategic actions to reinforce market positioning and brand alignment are expected to yield more visible results in coming quarters, supported by new product rollouts.

• Continued operational flexibility and financial discipline, with cost structure reviews to support future growth.

• Geopolitical and macroeconomic uncertainties persist, especially in luxury goods and Asian markets.