Revenues at Italian luxury group Ferragamo fell 1.2% at constant exchange rates in the first quarter as wholesale sales dropped 19% compared to a year earlier, the company has said.
Revenues totalled €209m, a touch below a Visible Alpha consensus of €211m.
Results were supported by strong performance in North America, while Europe and Asia Pacific were weaker.
Wholesale sales dropped 19% in the first quarter, while direct-to-consumer channel rose 5.5% at constant exchange rates.
The drop in the wholesales sales reflects the company’s decision to focus on DTC and key accounts, the company said.
DTC channel accounted for 77% of total sales in the first quarter.
