Group posts net loss for the first quarter of the year
Italian frames group Safilo Group has posted a net loss for the first quarter of the year after sales were impacted by the rocky introduction of a new warehouse IT system.
Safilo said a new SAP information system had been set up at its distribution centre in Padua during the quarter, to fully automate operations and deal with complex global volumes.
The process had impacted warehouse deliveries, but Safilo said it had now addressed the issues and would re-establish normal working conditions and service by the end of June.
Total net sales were €237.3m, down 21.3% at current exchange rates, resulting in a loss of a loss of €6.2m during the quarter.
Results also reflected the exit of the Gucci brand license, which has been replaced with an agreement with Kering for Safilo to instead develop, manufacture and supply Gucci eyewear.