Safilo posts decline in FY18 net sales

Announcing preliminary results for the year to December 31, 2018, Safilo Group S.p.A. said that net sales reached 962.9 million euros (1,107.5 million dollars), down 4 percent at constant exchange and 7 percent at current exchange rates. The company added that this performance is in line with the expected decline of around 3 percent at constant exchange and around 6 percent at current exchange rates. The wholesale business declined by 5.1 percent at constant exchange.

In the fourth quarter of 2018, Safilo’s preliminary net sales were 249.1 million euros (286.5 million dollars), up 1.3 percent at constant exchange and 1.8 percent at current exchange rates compared to the same period of 2017. The performance of the wholesale business was negative by 4.1 percent at constant exchange rates.

In terms of operating performance, Safilo expects that the cost saving program executed in the second half of the year will allow the group to close the year with an adjusted EBITDA margin close to 5 percent, at the high end of its expectation range for the year of 4 percent to 5 percent.

Picture:Facebook/Galleria Safilo