Vision Express parent company HAL Holding has reported a 5.1 per cent increase in revenues from its optical retail companies in the first quarter of 2012 at €585.7m, up €28.3m from €557.4m for the same quarter in 2011.
HAL added that, excluding the effect of acquisitions and currency exchange differences, optical revenues increased by 4.7 per cent to €26m. Same-store sales, at constant exchange rates rose 2.5 per cent in the first quarter, with operating income of €60m, compared to €51m for the same period in 2011.
The company added that it had increased its ownership interest in Safilo Group from 37.2 to 42.2 per cent. 'This change was a result of a capital increase of Safilo for €44.3m, fully subscribed by HAL. Safilo used the proceeds of the capital increase for the acquisition of Polaroid Eyewear, a global eyewear manufacturer and distributor,' it concluded.
Earlier this month Safilo announced that 1,000 preliminary redundancies had been identified at its Italian production sites following the non-renewal of the Armani licence, which was won back by Luxottica. Safilo said that it was working with trade unions and workers' representatives 'to identify shared solutions to ensure the best possible management of the overstaffing problem'.
Safilo's first quarter sales fell 4 per cent to €288.7m because of the phasing-out of its contract with Armani and the market weakness in some European countries such as Spain, Portugal and Greece. European sales were €118.4m compared to €130m in the first quarter of 2011, a 9 per cent drop.
The company also reported a strong decline in sales of ski goggles and helmets, blaming weather conditions in Europe.