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The Board of Directors of Safilo Group S.p.A. approves the financial results of the First Quarter 2011

Key highlights:

• Net Sales at Euro 300.7 million, +5.1% compared to Q1 2010
• EBITDA at Euro 40.7 million (13.5 % margin), +17.6% compared to Q1 2010
• EBIT at Euro 31.4 million (10.4% margin), +30.2% compared to Q1 2010
• Net Profit at Euro 18.4 million (6.1% margin), compared to Euro 1.7 million in Q1 2010
• Net Debt at Euro 268.2 million, from Euro 256.2 million at the end of 2010. Stable Debt/EBITDA at 2.4x

Padua, April 27, 2011 – The Board of Directors of SAFILO GROUP S.p.A. today reviewed and approved the results of the first quarter of 2011.

In the period, the Group’s results improved compared to the same period of 2010, with mid single-digits organic sales growth and increase of profitability. In particular:

• Revenues increased by 5.1% at current currency (+5.1% also at constant perimeter1 and exchange rates), with the performance driven by the continuing recovery in US, the expansion of the main fast-growing Asian and Latin American regions and the mixed trends of the European markets;

• EBITDA and EBIT grew by 17.6% and 30.2% respectively, as a result of the improvement of gross margin and further operating deleverage in the area of SG&A expenses, also reflecting a more efficient retail business. At the net profit level, the Group’s result also benefitted from lower financial expenses and tax rate;

• Net Debt was equal to Euro 268.2 at the end of the quarter, slightly higher than at the end of 2010 due to the seasonal trends of working capital and higher investments.

Roberto Vedovotto, Chief Executive Officer of the Safilo Group, commented:

“This quarter is another important step in the right direction for our Group.

First quarter results pointed to a dynamic start of the year, which remains, nonetheless, characterized by a challenging business environment and an uncertain geo-political scenario.

Safilo started 2011 with renewed growth, in the context of the steady improvement of selected mature economies and the continued momentum of its addressable ‘new’ markets for branded high-end products.

Our unique brand portfolio, enriched by the new January 2011 collections, was the engine behind the new business opportunities that we tackled in order to continue to stretch our reach and presence in the marketplace. Our core wholesale business thus continued to grow, substantially in line with last year.

Revenue growth was accompanied by a significant improvement of the Group’s overall level of profitability and by a financial leverage at 2.4x, in line with the record level reached at year end 2010.

In light of the ongoing strengthening of our business model, as well as the reinforcing of our organisational and managerial structures, we maintain a strong focus and a firm commitment to a constant, long-term oriented growth for our Group.”

For the press release please see the attached file

Last update: 27/04/2011, 13:09

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