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News, Business

Safilo first-half sales decline

10/08/2016
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Safilo Group's brand sales are said to be gaining momentum, despite a drop in global revenue for the first half of 2016.
Luisa Delgado, Safilo CEO
Luisa Delgado, Safilo CEO

Safilo reported net sales of €651.1 million (AU$945 million) for the six months ended 30 June 2016, registering a decline of 2.1% at constant exchange rates.

The adjusted EBITDA of €58.3 million (AU$84.6 m) also represented a 7% decrease compared with the same period in 2015.

However, total net sales for the Safilo's 'going forward' brands portfolio increased 5.3% at constant exchange rates for the first half, and it was said that the portfolio's second quarter lift in sales had "more than [offset] the negative impact of the brands that the company stopped/will stop servicing".

Asia's first half net sales of €58.8 million (AU$85.3 m) contracted 27.8% at constant exchange rates, and sales for the going forward brands in the region also dropped 14.4%. While it was said that business had remained "difficult" in Asia, Australia was noted as having performed "positively" over the period.

First half net sales in North America declined 3.4% at constant exchange rates to €259.8 million (AU$377 m), while sales in Europe increased 6.1% to €291.4 million (AU$422.9 m). Across all other markets, Safilo's net sales fell 2% at constant exchange rates to €41 million (AU$59.5 m).

Safilo chief executive officer Ms Luisa Delgado commented, "In the first six months, our going forward brands portfolio made good progress, growing by 5.3% at constant exchange rates, thanks to the broad-based positive trends across the different market segments in which we are active.

"In the second quarter, we achieved sales acceleration, recovering a considerable part of the first quarter performance driven by the service shortfalls that had prevented us to fully leverage the sales opportunities of our order book.

"We continued to sharpen our focus on our own core brands, by concluding the integration of Polaroid, qualifying our stylistic direction for Carrera, while Smith built market share, despite a difficult sports market environment in North America."

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