MILAN – A higher tax rate weighed on Salvatore Ferragamo SpA‘s bottom line in the first quarter of the year.
In the three months ended March 31, net profit, including minority interest, decreased 18.8 percent to 9 million euros, compared with 11 million euros in the same period in 2017. The company highlighted a tax rate increase due to the lower deferred tax assets charge in the U.S..
Revenues decreased 1.7 percent to 304 million euros, compared with 309 million euros in the same period in 2017. At constant exchange rates, sales rose 1.7 percent .
Earnings before interest, taxes, depreciation and amortization dropped 1.9 percent to 32 million euros, compared with 33 million euros in the first quarter of 2017.
Operating profit was stable, up 0.3 percent to 17 million euros.