Ferragamo profits slump on lower footwear sales

AP

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FILE - In this Saturday, Sept. 22, 2018 file photo, models wear creations as part of the Salvatore Ferragamo women's 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan, Italy. The Salvatore Ferragamo fashion house says earnings in the first nine months of the year were down 18 percent as sales of the trademark footwear slumped. The leather goods and apparel maker on Thursday, Nov. 8 reported net profit of 65 million euros ($74 million) in the period, compared with 79 million euros in the first nine months of 2017. (AP Photo/Antonio Calanni, file)

MILAN (AP) The Salvatore Ferragamo fashion house says earnings in the first nine months of the year were down 17.5 percent as sales of the trademark footwear slumped.

The leather goods and apparel maker on Thursday reported net profit of 65 million euros ($74 million) in the period, compared with 79 million euros in the first nine months of 2017.

Revenue was down 3.3 percent to 972 million euros, from 1 billion euros in the same period last year, with decreases in every region. Asia Pacific remained the brand's biggest market, even with a 2 percent drop in sales. Sales were down 5.5 percent in Europe and 4 percent in North America.

Footwear sales dropped by 4.3 percent, while handbags and accessories increased by 3.4 percent. Fragrance sales also increased.

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