Salvatore Ferragamo RTW Fall 2020

MILAN — Salvatore Ferragamo’s exposure to China and to tourism weighed on the company’s bottom line in the first quarter of the year, as the coronavirus pandemic spread first from the group’s largest business area.

In the three months ended March 31, the COVID-19 pandemic and the gradual lockdown of stores globally, starting from China, dragged the company into a loss, which totaled 41 million euros, compared with a profit of 11 million euros in the same period last year.

Revenues dropped 30.1 percent to 222 million euros compared with 317 million euros in the first quarter last year.

Earnings before interest, taxes, depreciation and amortization fell 82.2 percent to 12 million euros compared with 65 million euros at the end of March last year.