MILAN, May 14 (Reuters) – 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 said on Thursday.
• Revenues totalled 209 million euros ($244.05 million), a touch below a Visible Alpha consensus of 211 million euros.
• 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.
($1 = 0.8564 euros)
(Reporting by Elisa Anzolin, editing by Alvise Armellini)
