Salvatore Ferragamo SpA

SFER: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€6.80	Jxhzk	Qjklthdz

Ferragamo Returns to Profit in Q1 2021 Despite Continuing Lockdowns in Europe; FVE Maintained

Jelena Sokolova

May 12, 2021

We are maintaining our fair value estimate for no-moat Salvatore Ferragamo as the company reported first-quarter revenue up 13% at constant exchange rates with retail revenue up 20.8% against 2020 levels. Wholesale channel revenue was largely flat due to underperformance of the travel retail channel (travel retail amounted to 10% of revenue precoronavirus). We still expect sales and profits to rebound strongly in 2021 from 2020 trough levels.

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