Milan—Salvatore Ferragamo S.p.A said Tuesday that its 2013 profit jumped 28% and that it was likely its 2014 results will be just as good—if not better.
“The business trend recorded in the first months of the current year justifies expectations for growth also throughout 2014, in the absence of severely unfavorable market conditions,” the company said.
Focus on Accessories
For the year ended Dec. 31, the footwear and accessories company posted a net profit of 160 million euros (about $221.8 million) ahead of analysts’ estimate for 145.9 million in profits. Net revenue was up 9% to 1.26 billion euros.
For 2014, Chief Financial Officer Ernesto Greco forecast 285 million euros in core earnings before interest, tax, depreciation and amortization was “realistic.” The company’s EBITDA margin was 20.7% last year and could reach 25% in 2013 in the next few years.
All the companies’ geographical markets reported increases except for Japan. Asia-Pacific posted a 10% increase in sales, now accounting for 37% of 2013 sales. Europe had a 13% increase and North America was up 12%.
Japan sales, which were down 13%, was hit by currency changes. 13%. At constant exchange rates, revenue in Japan was up 0.7%.
By category, shoes accounted for 43% of the sales and 33% were from leathergoods including handbags.
According to CEO Michele Norsa said the company plans to focus on accessories other than footwear this year, and open around 15 shops, half of which will be in Asia.
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