Safilo Shows Modest Growth Without Gucci
Wednesday, November 8 2017 | 00 h 00 min | Financial News, News, Press Release
Safilo’s Board of Directors approved on November 8 their Q3 2017 results. They report that their group’s Core Brand net sales are up 1.3 percent compared to the third quarter of 2016.
In the first nine months of 2017 Safilo’s sales performance of their current brand portfolio was -4.0 percent, with their difficulties attributed to the implementation of a new Order-to-Cash IT system in Padua.
Sales in North America totaled $154.5 milion CAD in Q3 2017, down 13.7 percent from Q3 2016 at constant exchange rates. Safilo reports modest increases in revenue of their going forward brands of 0.4%, due to improving performance in their independent optical channel in North America.
Due to the exit of the Gucci license at the end of 2016, Safilo’s total net sales are down 15 percent compared to 2016, while gross profit is down 28 percent. The license with Gucci was replaced by a Strategic Product Partnership Agreement with Kering for development and manufacturing of Gucci Eyewear.
Read the full press release HERE.
