Safilo quarterly sales decline 7%
Italian eyewear manufacturer and distributor Safilo saw sales for the first quarter fell 7% to 301.6 million euros (USD$343.9 million), down from 342.3 million euros (USD$390 million) in the same period the previous year.
Net sales were down 6.6% at constant exchange rates.
According to the group, the sales performance reflected the negative impact of the brands that the group stopped or will stop servicing while also showing the positive trends of the going forward brands portfolio, up 1% at constant exchange rates.
Safilo owns several eyewear brands such as Carrera and Polaroid, and holds licenses for companies like Dior, Fendi, Gucci, Céline, Banana Republic, Saks Fifth Avenue and Swatch.
Gross profit for the period was 182.2 million euros (USD$207.9 million), down 6.3% from the first quarter of 2015, while EBITDA was 19.8 million (USD$22.5 million), showing a 36.8% decline. Adjusted EBITDA was 25.2 million euros (USD$28.7 million at current exchange rates), down 22.6%.
Europe delivered the best performance in Q1 with sales up 3.6% year-on-year. North America experienced a 0.8% increase in sales, while Asia Pacific fell 14.6%. Elsewhere in the world sales were up 2.8%.
At the end of March 2016, Safilo’s net debt stood at Euro 109.7 million (USD$125.1 million), down 14.5% year-on-year, while increasing by 22.0% compared to the end of December 2015 for the normal seasonality of the business.
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