Salvatore Ferragamo S.p.A. (EXM: SFER) released the Group’s Preliminary Consolidated Revenues for the full year 2024, which amount to 1,035 million Euros down 8.2% at constant exchange rates and down 10.5% at current exchange rates vs. FY 2023, including 5 million Euros positive of Cash Flow Hedging vs. 17 million Euros positive in FY 2023. In Q4 2024 Preliminary Consolidated Revenues amounted to 291 million Euros, down 4.0% at constant exchange rates and down 6.7% at current exchange rates vs. Q4 2023, including 0.2 million Euros positive of Cash Flow Hedging vs. 4 million Euros positive in Q4 2023. In Q4 2024 the DTC channel posted consolidated Net Sales in line with the same period of last year (+0.9% at constant exchange rates and -0.1% at current exchange rates), with positive performances in Europe, US, Japan and Latin America, offsetting the persistent weakness in the Asia Pacific area. The overall performance of primary DTC showed a 3.0% increase at constant exchange rates vs. Q4 2023, while secondary DTC remained negative also in the last quarter of the year. The positive performance was driven by the double-digit performance of handbags and the positive results of men and women shoes. In FY 2024 the DTC channel was overall down 3.8% at constant exchange rates and down 5.8% at current exchange rates vs. FY 2023, with the positive performances in Europe, US, Japan and Latin America, offset by the negative results in the Asia Pacific area. In Q4 2024 the Wholesale channel registered a decrease in Net Sales of 19.3% at constant exchange rates and -21.9% at current exchange rates vs. Q4 2023, reflecting a weak demand in the Asian markets and in the Travel Retail channel, with both the latter and traditional Wholesale also affected by a different timing in deliveries vs. Q4 2023. In FY 2024 the Wholesale channel was down 21.3% at constant exchange rates and -21.2% at current exchange rates vs. FY 2023, also due to the planned rationalization of the channel. EMEA in Q4 2024 posted total Net Sales up 4.5% at constant exchange rates2 (-0.4% at current exchange rates), driven by the double digit increase at constant exchange rates of the primary DTC channel, while secondary DTC and Wholesale were slightly below last year. The positive result of the primary DTC was driven by sales to locals and tourists, both up double digit vs. Q4 2023. In FY 2024 total Net Sales1 in EMEA decreased 7.8% at constant exchange rates (-8.9% at current exchange rates) vs. FY 2023, with the positive performance of the DTC (up mid-single digit at constant exchange rates, driven by the primary channel) offset by the negative Wholesale trend, mainly due to the negative performance reported in Q1 reflecting the hard comparison base versus the previous year. North America in Q4 2024 recorded a total Net Sales increase of 6.3% at constant exchange rates (+5.4% at current exchange rates), driven by the double digit increase at constant exchange rates in the primary DTC channel, while secondary DTC was slightly below last year and Wholesale was in line with last year. The result of the primary DTC was driven by the purchases of both existing and new customers, both increasing double digit vs. Q4 2023. In FY 2024 total Net Sales in North America decreased 2.6% at constant exchange rates and at current exchange rates vs. FY 2023, with the positive performance at constant exchange rates of primary DTC channel offset mostly by the weak Wholesale trend. Total Net Sales in Central and South America in Q4 2024 were up 10.7% at constant exchange rates (+7.3% at current exchange rates) vs. Q4 2023, with DTC double digit performance at constant exchange rates, led by the primary channel, penalized by the negative result of the Wholesale channel. Shoes, leather goods and handbags drove the double digit performance of the DTC channel. In FY 2024 total Net Sales1 in Central and South America were up 1.0% at constant exchange rates (-3.0% at current exchange rates) vs. FY 2023, with DTC positive result at constant exchange rates, driven by the primary channel, penalized by the negative Wholesale performance. In Q4 2024 Asia Pacific registered a decrease in total Net Sales1 of 24.8% at constant exchange rates (-24.0% at current exchange rates) vs. Q4 2023, with both DTC and in particular Wholesale showing negative trends. The DTC channel registered a modest improvement vs. Q3 2024, albeit the trend remained volatile. In FY 2024 total Net Sales in Asia Pacific decreased 18.9% at constant exchange rates (-19.7% at current exchange rates vs. FY 2023, with both DTC and Wholesale showing negative trends. The Japanese market in Q4 2024 registered an increase in total Net Sales of 1.2% at constant exchange rates (-1.2% at current exchange rates), driven by the primary DTC channel (up mid-single digit at constant exchange rates). The positive result of the primary DTC was driven mainly by tourists. In FY 2024 total Net Sales in Japan increased by 3.2% at constant exchange rates (-4.3% at current exchange rates) vs. FY 2023, driven by the primary DTC channel (up mid-single digit at constant exchange rates).