FLORENCE, Italy — Salvatore Ferragamo SpA, an Italian maker of $1,390 sandals, reported first-quarter profit that exceeded estimates and confirmed its projection for earnings growth this year amid surging sales in the Americas.
Earnings before interest, taxes, depreciation and amortization rose 26 percent to 48 million euros ($62.3 million), the Florence, Italy-based company said today in a statement after the stock market closed. Analysts predicted 42.9 million euros, according to the average of nine estimates compiled by Bloomberg. Sales advanced 8.6 percent to 281.9 million euros, or 9.6 percent excluding currency shifts.
Business patterns this year justify expectations for revenue and profit growth through 2013, Ferragamo said, repeating a March forecast. Luxury competitors including LVMH Moet Hennessy Louis Vuitton SA and PPR SA-owned Gucci last month reported the weakest quarterly sales growth in more than three years as demand softened in Europe and Asia.
Ferragamo shares retreated 0.9 percent to 23.11 euros in Milan, giving the shoemaker a market value of 3.9 billion euros.
Analysts estimated sales of 282.4 million euros, according to data compiled by Bloomberg.
By Andrew Roberts; Editors: Paul Jarvis, Thomas Mulier