The board of directors of Safilo Group s.p.a. approves the results at 30th september 2008

14/11/2008
 RESULTS OF THE FIRST NINE MONTHS OF 2008:
• Net sales at 865.7 million Euro (903.9 in the first nine months of 2007)
• EBITDA at 101.8 million Euro (130.2 in the first nine months of 2007)
• Operating profit at 71.7 million Euro (101.6 in the first nine months of 2007)
• Net profit at 14.5 million Euro (38.7 in the first nine months of 2007)
• Net financial position at 566.8 million Euro (514.6 at the end of 2007 and 522.9 in the first nine months of 2007)

Padova, 14th November 2008, h. 4.45pm – The Board of Directors of SAFILO GROUP S.p.A., chaired by Mr Vittorio Tabacchi, today reviewed and approved the results for the first nine months of 2008.

The performance of the first nine months of the year has suffered from the continued evident weakness of the US dollar and the difficult conditions of the international markets which, in the course of the third quarter, have been negatively influenced by the further slowdown in consumer spending.
The Group’s net sales in the first nine months of the year registered a growth, at constant exchange rates, of 1.4% (-4.2% at current exchange rates) whilst the third quarter saw an improvement of 1.6% (- 3.1% at current exchange rates). All of the Group’s main markets have been influenced by consumers’ overall caution and their tendency, especially with regards to the sunglass collections, to limit purchases and favour products belonging to a more competitive price range. This has resulted in a contraction of the high-end sunglass market and consequently a limitation of the orders for new products placed by the Group’s main direct clients - optician’s stores, department stores and purchase chains.
The sales of prescription frames have been satisfactory and, furthermore, strong growth was seen in the house brand Carrera eyewear collections.

Massimiliano Tabacchi, Executive Vice Chairman of Safilo Group stated: “The first nine months of the year have been influenced by an international economic and financial situation characterised by strong uncertainty in the markets and a clear volatility in consumer spending. The stagnation of the European market has been partially offset by the satisfactory sales performance in America and emerging markets such as China and South Korea.
Furthermore, this period has seen the continued development of the Group’s long-term projects, initiated by Safilo over the last twelve months and which aim at achieving a more efficient production structure, strengthening the wholesale distribution network and establishing a more wide reaching presence in all international markets.
The recent extension of the license agreements for the prescription frame and sunglass collections of the brands Gucci, Bottega Veneta and Alexander McQueen underlines the company’s commitment in this direction.”


Last update: 08/09/2009, 11:58