Salvatore Ferragamo's footwear sales rose by 36.9 percent to €197.5 million in the first half while group sales continue to post double-digit growth worldwide except in Japan. On a currency-neutral basis, shoe sales were up by 37.9 percent. Sales of leathergoods, the group's second-largest product line, rose by 30.5 percent to €143.7 million.
The total revenues of the group, which went public recently, increased by 29.8 percent to €459.7 million. At constant currencies, the rise reached 30.4 percent. European sales were up by 40.1 percent to €115.7 million. North American sales gained 24.2 percent to €96.9 million, Japan rose by 1.0 percent to €60.9 million, Asia-Pacific sales excluding Japan were up by 40.1 percent to €168.8 million, and Central and South America increased by 36.6 percent to €17.3 million.
Japanese sales were affected by the earthquake that hit the country on March 11. At constant currency rates, Japanese sales were down by 1.3 percent. Asia-Pacific sales were supported by growth of more than 50 percent in China, while European sales were underpinned by intense tourist traffic.
Wholesale revenues increased by 46.1 percent to €150.1 million and retail revenues were up by 23.9 percent to €301.8 million. At the end of June, the group's retail network comprised 316 directly operated stores and 270 stores run by third parties.
Th consolidated gross margin slipped to 63.6 percent from 63.8 percent, but the Ebitda margin rose to 18.2 percent from 14.9 percent and the Ebit margin increased by 15.4 percent to 11.1 percent. Net profit, including minority interests, rose to €45.7 million from €34.5 million.