Ferragamo first-quarter revenues slip as wholesale sales drop 19%

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)

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