Return to profit and the distribution of a dividend for Salvatore Ferragamo. The Italian luxury group closed the year 2021 with a positive net result of 81 million euros, which compares with a loss of 72 million euros recorded the previous year. The board of directors, which approved the financial statements yesterday, decided to propose to the shareholders’ meeting the distribution of a coupon equal to € 0.34 per ordinary share, with detachment on 23 May. This is the return to shareholder remuneration after two years of stoppage, due to the effects of the pandemic.
In terms of revenues, the group, excluding the perfume business, recorded an increase of 29.5% at current exchange rates, reaching € 1.136 billion. In the fourth quarter alone, progress was 20.8% at current exchange rates. In detail, the retail distribution channel recorded, as at 31 December 2021, consolidated revenues up by 30.2% (+ 17.1% in the fourth quarter of 2020), exceeding pre-Covid levels, in particular thanks to the performance in five regions: Greater China, North America, Latin America, Korea and Japan. The direct e-commerce channel continued to grow strongly in the year with sales up 41.3% (+ 21.8% in the fourth quarter), while the wholesale channel reported an increase of 28.6% (+32 , 2% in the quarter).
In terms of profitability, the gross margin for 2021 was equal to 781 million euros, up by 41.7% compared to 2020, with an incidence on turnover increased by 590 basis points, going up from 62, 9% to 68.8%, mainly “thanks to a full/off price ratio positive and to a more favorable geographic, channel and product mix, as well as to lower provisions for obsolescence »reads the note of the group. The gross operating margin (Ebitda) therefore went from 158 million in 2020 to 305 million, with an incidence on revenues of 26.8% compared to 18% of the previous year. For 2021, the management did not make any predictions: “Ferragamo’s exposure to Russia is almost nil, less than 1%” specified CFO Alessandro Corsi, during the call with analysts, adding: “Russian customers in shops in Europe accounted for 2.8% ». The CEO of Ferragamo, Marco Gobbetti, postponed the indications on the strategic plan to the May call.
Finally, at 31 December 2021 the Group recorded an adjusted net financial position, positive for 373 million euros compared to 139 million euros at the end of 2020. Including the effect of IFRS 16, the Group’s Net Financial Position at December 31, 2021 is negative for 224 million.