Salvatore Ferragamo (SFER) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 total net revenues were €674.8m, +0.2% at constant FX and -2.8% at current FX; Q3 revenue was €207m, down 3.5% and 6.2%, respectively.

• DTC growth offset weaker Wholesale sales; Q3 DTC was stable at constant FX despite tougher comparables, with full-price primary retail and North American and European growth offsetting softer Asian demand.

• Five consecutive quarters of positive DTC momentum supported confidence in the strategic direction, focused on product relevance, client relationships and profitable, sustainable growth.

Financial highlights

• 9M net sales were €660.0m, +0.2% at constant FX and -1.7% at current FX; total net revenues included €12.4m of licenses and other revenues and €1.9m of rental income.

• 9M DTC revenue was €536.5m, +4.0% at constant FX and +1.9% at current FX; Wholesale was €123.4m, -13.4% and -15.0%, respectively.

• Q3 Wholesale net sales fell 19.1% at constant FX and 24.2% at current FX; hedging revenue fell to €0.6m from €8.5m.

• Licenses and other revenues rose 3.2% at constant FX, while rental income declined 18.6%.

Outlook and guidance

• Strategic priorities remain product quality and relevance, craftsmanship, brand appeal, attentive service and closer client relationships to support long-term growth despite near-term volatility.

• Retail execution prioritizes store productivity and client experience; Wholesale focuses on selected partners and strategic key accounts aligned with brand positioning.