Safilo third quarter revenues down 14.9%

The Gucci licence termination still weighs heavily on the financial results of Italian eyewear manufacturer Safilo. The group closed the third quarter 2017 with a revenue of €245.1 million, down 14.9% at current exchange rates (-12.3% at constant exchange rates. Sales in comparable brand portfolio terms instead rose slightly in the quarter, by 1.3%.

In the third quarter, gross profit was €120.4 million (-28.9%), gross industrial margin fell to 49.1% of net sales (compared to 58.8% in Q3 2016) and adjusted EBITDA was €15.4 million, down 19.6% from Q3 2016.

Revenue for the Europe region was €100.5 million in the quarter (-5.9% at constant exchange rates). North America slumped too, generating a revenue of €103.5 million, down 13.7% at constant exchange rates. Sales for the Asia-Pacific region plummeted, reaching €16.7 million, down 43.7% at constant exchange rates. The rest of the world gained 8%, reaching €24.4 million, driven by a comparable brand portfolio sales rise of 28.2%, especially thanks to Safilo’s own brands (Safilo, Carrera, Polaroid)

Safilo produces and distributes in licensing the eyewear collection of major international luxury brands such as Dior, Fendi, Jimmy Choo, Max Mara, Marc Jacobs, Hugo Boss.