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The board of directors of Safilo Group s.p.a. approves the results of the first quarter 2008

 Results for the First Quarter 2008:
• Net Sales at 326.0 million Euro (341.4 in the first quarter 2007)
• EBITDA at 46.7 million Euro (58.5 in the first quarter 2007)
• Operating Profit at 36.9 million Euro (48.9 in the first quarter 2007)
• Net profit at 13.2 million Euro (20.8 in the first quarter 2007)
• Net financial position at 552.2 million Euro (514.6 at the end of 2007 and 556.1 in the first quarter 2007)

Padova, 6th May 2008 – The Board of Directors of SAFILO GROUP S.p.A. today reviewed and approved the results for the first quarter 2008 and furthermore assigned the roles of Chief Executive Officer and Executive Vice Chairman. Internal committees were also renamed.

The performance of the first quarter 2008 has been influenced by the strong devaluation of the US dollar, which penalised by more than 5% all the main lines of the income statement. At constant exchange rates net sales registered a growth of 0.9%.
Positive results were achieved in the American market thanks to the strong progress seen in the quarter in the retail channel which benefited from the acquisition of new stores in Mexico.
Sales of prescription frames continued to register good performance, highlighting the quality of the collections proposed. Sales of the sunglass collections have instead been affected by the greater cautiousness in the purchase of consumer goods in a time of economic uncertainty.

“We were aware that the first three months would have been the most challenging of the year, due also to the difficult economic climate which worldwide markets are currently experiencing.” Stated Vittorio Tabacchi, Chairman of Safilo. “The strong development of the retail channel and the strengthening of our structures in the wholesale markets confirm the soundness of the development path undertaken by Safilo.”

Last update: 08/09/2009, 12:08

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