On August 2, the Board of Directors of Safilo Group reviewed and approved the results of the first half of 2018 and a five year Business Plan which includes an update of the previous 2020 Plan.
Net sales were 492.2 million Euros, down 4.3% in the first half of 2018 compared to 2017, and the Group posted a net loss of 10.7 million Euros. Sales were down approximately 7% in Europe and North America, while the Asia Pacific region and other emerging markets saw impressive growth.
Angelo Trocchia, Safilo Chief Executive Officer since April 2018, commented, “Our objective is to improve the performance of our Company, focusing on few, very clear, priorities. First and foremost, we need to return to grow our top line, exploiting more and better the core strengths of the Group: our product creation and development capabilities, our 140 years of eyewear manufacturing experience, and our deep worldwide distribution network.”
Trocchia emphasized that they were in the process of creating a leaner organization, more customer-centric culture, and they expect Free Cash Flow to return to positive in 2019.
Click HERE for the full press release.
