MILAN – Italy’s Salvatore Ferragamo SpA reported a 17 percent drop in earnings in 2008 due to marginal revenue growth and a raft of new store openings.

This story first appeared in the May 19, 2009 issue of WWD. Subscribe Today.

For the 12 months through Dec. 31, net profits fell to 39 million euros, or $57.4 million. Revenues gained 1 percent to 691 million euros, or $1.02 billion, driven by the Asia-Pacific region, where sales increased 23 percent at constant exchange.

Dollar figures were converted at average exchange rates for the periods to which they refer.

Last year, the fashion and luxury goods firm increased its retail network to 552 stores from 503, including 19 new boutiques in international airports.