Ferragamo beats market where Saks failsTuesday, 15 May 2012
In Italy, Ferragamo said it expects “significant” revenue
growth in 2012 after reporting first-quarter earnings that beat analysts’ estimates. The shares fell 1% to 17.10 euros. Italian peer Tod's reported sales up by 8% for the first quarter of 2012.
The company reported €263.2m in sales with each of its portfolio's brands, which also includes Hogan, Fay and shoe designer Roger Vivier, performing well. However, it is the eponymous brand, Tod's, which led to largest growth: €137.5m in Q1, a double digit increase of 13.4%.
Closing the corporate announcements chapter, Saks said fiscal first-quarter earnings rose 13 percent, but revenue fell short of analysts’ estimates. “We continued to make solid progress during the first quarter,” chief executive Stephen Sadove said in Tuesday’s statement.
Net earnings rose to $32.1 million, or 18 cents per share, on $753.6 million in revenue for the latest quarter that ended April 28. This compared with a profit of $28.4 million, or 16 cents per share, on revenue of $726 million, a year-prior.On average, analysts had expected per-share earnings of 19 cents, on $766 million in sales, according to Bloomberg. Shares were down 5.37 percent at $9.51 apiece in trade on the New York Stock Exchange.
Elsewhere and as highlighted by analysts at shinesroom.com, Under Armour had a positive quarter with net income increasing by 21 % compared to last year's. “The sportswear company has been focused on innovation of late and its new technologies, including ColdBlack and Armour Bra, have enhanced its product spectrum and boosted sales,” they explained.
“Meanwhile, Liz Claiborne, due to change its name to Fifth & Pacific Cos. Inc. this month, announced a loss of $60.6 million, an improvement over 2011's first quarter loss of $96.3 million. The company's Kate Spade and Lucky Brand sales drove the improvement, with the former gaining 46 % and the latter 20 %. However, Juicy Couture sales declined by 4.4 %.”