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Safilo Sales Down 7% in 2018

MILAN — Safilo Group S.p.A. reported a 7 percent decrease in preliminary 2018 revenues to 962.9 million euros, compared with 1.03 billion euros in the previous year, hurt by soft business in North America and emerging markets, and a slowdown in the Asia Pacific region in the last quarter. At constant exchange rates, sales were down 4 percent. In the 12 months ended Dec. 31, wholesale revenues declined 5.1 percent at constant exchange rates. In the fourth quarter of 2018, Safilo’s preliminary sales grew 1.8 percent to 249.1 million euros, compared to the same period in 2017. Safilo produces and distributes eyewear under license for brands including Fendi, Dior and Jimmy Choo, as well as house brands Carrera, Polaroid and Safilo. Safilo expects that the cost-saving program put in place in the second half of 2018 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 between 4 and 5 percent. In 2018, sales in Europe were down 1.2 percent to 452 million euros, accounting for 46.9 percent of the total. Revenues in North America decreased 12.1 percent to 371.3 million euros, representing 38.6 percent of total. Of this figure, wholesale revenues totaled 319.1 million euros,

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