Ferragamo Shares Flop at Open as Sales Remain Sluggish -- Market Talk
Ferragamo Shares Flop at Open as Sales Remain Sluggish -- Market Talk
0849 GMT - Shares in Salvatore Ferragamo slide in opening trade Wednesday after the Italian luxury-goods company again failed to pick up the pace of recovery in its third-quarter print. Nine-month revenue remains substantially below the same period of 2019, and while margins are impressively robust, the top line remains Ferragamo's weakness, analysts at Jefferies say. Specific areas of concern are a lack of momentum in Asia, an unfavorable channel mix and a failure for the core product categories to lead from the front, the bank says. "We continue to think Ferragamo has a product problem," the bank adds, keeping a hold rating and EUR18 target on the stock. Shares trade 6.7% lower at 18.63.(joshua.kirby@wsj.com; @joshualeokirby)
0849GMT-週三開盤交易中，意大利奢侈品公司菲拉格慕(塞爾瓦託·菲拉格慕)的股價下跌，此前這家意大利奢侈品公司在第三季度財報中再次未能加快復甦步伐。傑富瑞(Jefferies)分析師表示，九個月的營收仍大幅低於2019年同期，儘管利潤率令人印象深刻，但營收仍是菲拉格慕的疲軟。世行表示，具體令人擔憂的領域是亞洲缺乏動力，不利的渠道組合，以及核心產品類別未能從前線引領。該行補充稱：“我們仍然認為菲拉格慕存在產品問題。”該行維持對菲拉格慕股票的持有評級和18歐元的目標價。股價下跌6.7%，至18.63。(joshoa.kirby@wsj.com；@joshoaleokirby)