Strong Asia drives Ferragamo sales rebound in first quarte

Sales at Salvatore Ferragamo bounced back in the first three months of the year thanks to strong growth in Asia and the United States, adding to signs of a comeback for the luxury goods sector.

Ferragamo, which has been hit harder than most rivals by the fallout of the coronavirus pandemic, said on Tuesday sales had accelerated further in the second quarter - particularly in China, South Korea and the United States. But it added that the market remained volatile and did not give full-year forecasts.

The group posted revenue of 245 million euros ($298 million) in the three months to end-March, in line with analyst expectations and a 13% increase from a year earlier when stripping out the impact of currency fluctuations.