Salvatore Ferragamo registered a 25.5 percent drop in its 2018 net profit, excluding minorities, to €88.4 million and cut its full-year dividend to €0.34 per share from €0.38 a year earlier. Full-year sales were down by 3.3 percent to €1,347 million (see Shoe Intelligence Vol. 21 n° 3+4) and gross operating profits, or Ebitda, slipped by 13.8 percent to €214.2 million. However, the attention was on the conference call, during which chief executive Micaela Le Divelec Lemmi delivered an upbeat message about the group's turnaround plans. The company also indicated that same-store sales were positive in the year-to-date compared with a negative 1.3 percent in 2018. It pointed out that market expectations of a 3 percent increase in 2019 sales and Ebitda were reasonable (more in the next issue of Shoe Intelligence along with Tod's final 2018 results).