Safilo reports significant fall in net profits

Safilo has reported a net profit for the first quarter of 2009 of €1.7m, a significant drop from the €13.2m it reported for the same period of 2008.

In its first-quarter trading statement the company reported that the European countries, including the UK, experienced the greatest impact with exposure to the eyewear segments most affected by the economic downturn.

Net sales for the first three months of 2009 were €287.9m compared to €326m in the first quarter of 2008.

'The first quarter of 2009 was difficult,' said Roberto Vedovotto, chief executive officer of Safilo.

'Considering the current situation, the improvement during the quarter of the gross margin is particularly significant and is the highest of the last three years.'