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MILAN — The month of July is showing improvements in all of Salvatore Ferragamo’s markets, but the closure of stores during the coronavirus pandemic hurt the company’s top line in the first half of the year.
The Florence-based luxury group reported preliminary sales on Tuesday at the end of trading, which showed a 46.6 percent drop to 377 million euros in the first six months ended June 30. This compares with 705 million euros in the same period last year.
Sales in the second quarter fell 60.1 percent, impacted by the pandemic, the lockdown of commercial activities and the lack of international traffic.
As of June 30, the company had 643 points of sales, including 389 directly operated stores and 254 third-party-operated stores in the wholesale and travel retail channels.
In the first half, the retail distribution channel reported a 41 percent drop