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The Board of Directors of Safilo Group S.p.A. approves the results of the first quarter of 2010

Key highlights of the first quarter of 2010:

• Net Sales at Euro 286.0 million
• EBITDA at Euro 34.6 million, 12.1 % margin
• Net Profit at Euro 1.7 million, 0.6% margin
• Net financial position at Euro 315.4 million

Padua, 30th April 2010 – The Board of Directors of SAFILO GROUP S.p.A. today reviewed and approved the results of the first quarter of 2010.

In the first quarter of 2010, Safilo experienced sales substantially in line with the first quarter of 2009 (-0.7% at current exchange rates), although the Group divested its optical retail chains in Australia and Spain, which had sales of Euro 9.3 million and a negative EBITDA of Euro 0.8 million in the first quarter of 2009.
At constant perimeter and exchange rates, the Group’s revenues grew by 3.9% over the same period of 2009, showing some recovery in a still uncertain business environment.
The first three months of 2010 saw the progressive improvement of the US market, also confirmed by the positive performance of Solstice directly operated stores in the US. The Group registered a good performance in the most important Asian markets (excluding Japan), whereas European markets continued to be challenging, with volume growth counterbalanced by the decrease in average sales tickets due to consumer demand still focused on more affordable price products.

In the first quarter of 2010, the Group’s profitability improved. The industrial margin achieved by the wholesale activities in the first quarter of 2009 was confirmed also in the first quarter of 2010. Operating margin improved too, as a consequence of lower selling, general, and administrative expenses, and as a result of the sale of the non profitable retail chains.

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

“2010 has started with some signs of recovery in markets like the United States and Asia, whereas conditions are still challenging in Europe. In the context of a still uncertain and volatile business and macroeconomic environment, the Group made some progress as far as its business and financial performance are concerned.

We remain focused on continuing to improve our overall performance during the year, following the completion of the recapitalization plan during the first quarter, that has allowed us to have a better capital structure now. The net financial position is Euro 315.4 million, almost half compared to the end of last year”.

For the Press Release please see the attached file.

Last update: 30/04/2010, 16:58

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