Salvatore Ferragamo's footwear sales rose by 32.6 percent to €423.1 million in 2011, lifted by strong growth in every market worldwide except in Japan. On a currency-neutral basis, shoe sales were up by 30.6 percent.
Sales of leathergoods, the group's second-largest product line, rose by 26.8 percent to €309.1 million. Overall, shoes and leathergoods increased their share of group sales to 74.2 percent from 72.0 percent a year earlier. Overall group sales increased by 26.2 percent to €986.5 million. At constant currencies, the rise reached 24.1 percent. Financial analysts were expecting a turnover of €964 million.
European sales were up by 30.8 percent to €238.5 million. North American sales gained 27.2 percent to €221.3 million; Japan rose by 0.8 percent to €127.8 million; Asia-Pacific sales, excluding Japan, were up by 33.5 percent to €357.7 million; and sales in Central and South America increased by 34.5 percent to €41.1 million. Japanese sales were affected by the earthquake that hit the country last March 11. At constant currency rates, Japanese sales were down by 4.4 percent.
Asia-Pacific sales were supported by a 44 percent growth for the group's directly operated stores in mainland China, while European sales were underpinned by tourist traffic.
Wholesale revenues increased by 40.0 percent to €313.1 million, while retail revenues were up by 21.2 percent to €658.3 million. Same-store sales were up by 16.4 percent for the whole year, slowing down to 11.3 percent in the fourth quarter. At the end of 2011, the group's retail network included 323 directly operated stores and 270 stores run by third parties.