Safilo Posts 221.5 million Euros in sales in Q3 of 2018
Safilo closed the third quarter of 2018 with total net sales of €221.5 million, 9.0% lower at current exchange rates compared to the third quarter of 2017.
Safilo’s sales for the nine month period were €714 million, 9.7% lower than the same period 2017. Gross profit for those nine months was €367 million.
North American Q3 sales were €97 million and nine month sales were €280 million.
“In the third quarter, we accelerated the important work on the fundamentals on which we aim to build our new 2020 business plan. In Europe and North America, where we aim to reconquer the business, we are progressing in stepping up core capabilities in the areas of customer care and service levels, and we are seeing an improvement in the business performance trends since beginning of September,” Angelo Trocchia, Chief Executive Officer, said.
“The work is also ongoing in Asia and Latin America, where in each of the regions we recently appointed new, seasoned leaders with industry experience, who will help us to develop a more effective operating model in important markets like Brazil, China and Japan. On the cost savings front we are progressing well, both at the COGS level and in the area of our Overhead expenses, which in the quarter allowed us to improve the gross margin vs. year ago, and to hold up well at the adjusted EBITDA level where at constant exchange rates we were in line with last year.”
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