Safilo 2018 Reports Sales Decline and Profit Loses at Lower Rate
Thursday, March 14 2019 | 09 h 23 min | News
Safilo, the besieged Italian Eyewear giant, approved the 2018 financial results March 13. The hemorrhaging from the prior year was substantially stopped, but the company still had a loss of 5.9 Mio Euros on year over year sales declines of 7%.
In the “plus” column, the company cites positive performance of licensed brands in the premium and contemporary segment, the launch of rag & bone and Moschino brands, and results of their own “core” brands including Polaroid. The “minus” column includes the Céline license exit, and a weak performance in fashion luxury Sunglasses.
The company hopes that the 4th quarter results are a harbinger of the year that follows. Q4 sales and Gross Profit showed increases versus the same period last year, of 2% and 3% respectively, while EBITDA turned positive at 2.6% of quarterly net sales.
CEO Angelo Trocchia commented, “In 2019, we envisage the opportunity to recover top line growth and above all a sustainable level of profitability, reflecting the progress of our cost saving projects.”
Click HERE for the full press release.
