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MILAN (Reuters) – Italian luxury goods group Salvatore Ferragamo on Thursday reported a smaller-than-expected 10.8% drop in operating profit for 2022, as it shouldered higher costs in a push to relaunch the Florentine brand.
Earnings before interest and tax (EBIT) came in at 128 million euros ($136 million), after rising marketing and communication expenditure drove operating costs up 21.3% year-on-year.
Ferragamo proposed to pay a dividend of 0.28 euros per share down from 0.34 euros a year ago.
($1 = 0.9443 euros)
(Reporting by Elisa Anzolin; Editing by Valentina Za)
