Italian luxury goods group Salvatore Ferragamo said on Thursday its revenue dropped by 4% at constant currencies in the fourth quarter, flagging "encouraging results" from its direct-to-consumer sales which were overall flat in the last three months of the year.

H&M reported weaker-than-expected fourth-quarter sales on Thursday due in part to a late Black Friday, but said sales were up 4% in December and January, indicating a better start to the new fiscal year for the Swedish fast-fashion retailer.