Safilo 2018 Reports Sales Decline and Profit Loses at Lower Rate
Thursday, March 14 2019 | 09 h 23 min | Financial News, Press Release
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.