Ferragamo Q1 core profit rise 16 pct as currencies boost sales

Italian luxury group Salvatore Ferragamo reported on Wednesday a 16 percent rise in first-quarter core profit as currency effects boosted sales in Asia and North America.

Earnings before interest, tax, depreciation and amortisation totalled 61 million euros ($69 million) in the first quarter, marginally ahead of a consensus of five analysts compiled by Reuters of 58 million euros.

Sales rose 10 percent to 327 million euros in the period. The rise was 2 percent at constant exchange rates.

The strong dollar boosted North American sales by 16 percent and a positive currency impact helped lift sales at directly-owned shops in China by 22 percent.

Ferragamo said a different timing of deliveries hurt sales of perfumes which fell 11 percent in January-March. Sales of high-margin leather goods rose 8 percent at constant exchange rates.