Italian luxury design company, Salvatore Ferragamo, recently announced a 37.2 million dollars (27 million euro) increase, or 2% gain, in profits for the first quarter, ending March 31, this year in all markets.
Growth was especially seen in shoes or footwear, which was up 4.6% and handbags/leather product sales, up 15.3%, both accounting for 77% of total sales. While sales in both fragrances and apparel declined, overall profits for the company are climbing.
Ferragamo’s fasted growing market this quarter was Japan, with an 18% sale’s increase, followed by China with a 6% increase in stores. Asian-Pacific markets account for over 36% of total sales. European sales increased 9%, yet sales were reportedly hindered by the Russian-Ukrainian conflict creating tension in the region and a lack of tourist sales. North American sales went up a mere 1.2%, but are expected to climb to higher numbers later this year.
Mexico and Brazil are expected to increase sales due to the upcoming FIFA World Cup.
By the end of the first quarter, the company had 356 operating stores. The company expects greater growth for the remainder of the year in all regions.
