MILAN — Salvatore Ferragamo SpA saw net profits more than double in the first quarter, driven by a solid performance worldwide and continued growth in its core footwear and leather goods categories.
In the three months ended March 31, the Florence-based fashion house reported net profits of 24.3 million euros, or $32 million, compared with 12 million euros, or $15.7 million, in the same period last year. Including minority interests of 2 million euros, or $2.6 million, as a consequence of the buy-back of stakes in the distribution companies in Greater China, Korea and South East Asia, profits rose 57 percent to 27 million euros, or $35.6 million, compared with 17 million euros, or $22.2 million, in the same period last year.
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